Reuters: Go ship, Go! China roots for last U.S. soybean cargo to land before tariffs kick in

It is not often that the niche world of commodities trading enters the public conversation, but on Friday China’s social media was rooting for a ship carrying soybeans from the United States to beat the deadline before Chinese tariffs kicked in.

Tracking the journey of the vessel, Peak Pegasus, as it motored toward the northern Chinese port of Dalian was the 34th-highest trending topic on the country’s Twitter-like Weibo on Friday, beating out the World Cup, showbiz gossip and Beijing’s escalating trade war with Washington.

Reuters was the first to report on the final stages of the vessel’s one-month voyage to China as the countdown began for the United States and China to impose their tit-for-tat duties on $34 billion worth of each other’s goods.

Weibo users offered encouragement and support to the cargo, which left Seattle on June 8, as it became uncertain whether the ship would dock and unload its cargo before noon on Friday when the new tariffs took effect.

“Good luck bro!” said one Weibo user.

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Axios: Trump’s private NATO trashing rattles allies

You’ve already read a hundred stories about President Trump’s clashes with some of America’s closest allies at the G7 summit in Canada. But we’ve got new details from his private conversations with heads of state that have put some of these leaders on edge leading into next month’s NATO summit.

What we’re hearing: In one extraordinary riff during his meeting with the G7 heads of state earlier this month in Quebec, Trump told the other leaders: “NATO is as bad as NAFTA.” An official read this quote to me from notes transcribed from the private meeting.

Behind the scenes: Trump made the comment after telling the G7 leaders that Crimea probably should belong to Russia because everyone there speaks Russian, the source added. Trump then went on his usual riff about Germany not paying its fair share of defense spending, said the Europeans weren’t paying enough and that the U.S. is being ripped off.

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Bloomberg: Trump Adviser Blames Canada for Failure to Finalize Nafta Reboot

Donald Trump’s trade adviser on Sunday blamed Canada for the failure to finalize a reboot of the North American Free Trade Agreement after months of negotiations.

“We’d have a great deal with Nafta by now if the Canadians would spend more time at the bargaining table and less time lobbying Capitol Hill, and our press and state governments here,” Peter Navarro said in an interview on “Fox News Sunday.” “They are just simply not playing fair. Dishonest. Weak.”

Navarro also said “there’s a special place in hell” for any foreign leader engaging in “bad faith diplomacy” with Trump, referring to Canadian Prime Minister Justin Trudeau.

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CNN: Congressional Republicans lining up against Trump on trade

Republicans on Capitol Hill were fuming after the White House abruptly announced it would begin imposing steel and aluminum tariffs Friday on US allies Canada, Mexico and the European Union.

The move Thursday came after Republicans had tried to convince the administration for months to target China with tariffs rather than US trading partners, and it could trigger Republicans on Capitol Hill to consider taking action against their own President on trade.

‘I disagree with this decision,’ House Speaker Paul Ryan, a Wisconsin Republican who had quietly tried to convince Trump to hold back on the action, said in a statement. ‘There are better ways to help American workers and consumers. I intend to keep working with the president on those better options.’

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The Washington Post: Trump has officially put more tariffs on U.S. allies than on China

President Trump campaigned on going hard after China for ripping off the United States on trade. Yet a year and a half into his presidency, Trump has put more tariffs on longtime U.S. allies than he has on China, his supposed “bad guy” on trade.

The Trump administration announced new tariffs Thursday on the European Union, Canada and Mexico. Almost all of the reaction has been negative. Many are calling it a political and economic mistake. America’s allies are stunned, stocks slid on Wall Street as trade-war fears returned, and economists are warning that Americans will soon face higher prices on a wide variety of products.

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CNN: Trump hits allies with metal tariffs; Mexico, EU and Canada vow to retaliate

President Trump is imposing steep tariffs on steel and aluminum from three of America’s biggest trading partners — Canada, Mexico and the European Union. The trade penalties, 25% on imported steel and 10% on imported aluminum, take effect at midnight, Commerce Secretary Wilbur Ross told reporters Thursday.

Mexico, the EU and Canada immediately announced plans to retaliate with their own tariffs against American products. Trump announced worldwide steel and aluminum tariffs in March but granted exemptions to some major trading partners.

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