Trump Administration Hits Canada, Mexico, EU with Steel and Aluminum Tariffs

Trump Administration Hits Canada, Mexico, EU with Steel and Aluminum Tariffs

The tariffs take effect on July 1 and will last until the USA ends its move.

In March, Trump imposed a 25% tariff on steel imports and a 10% tariff on aluminium, but granted temporary exemptions to the EU, Canada, Mexico, Brazil, Australia and Argentina.

Trudeau's comments came alongside a report from Bloomberg News stating that Canada's trade officials had announced retaliatory tariffs on steel and aluminum, which the country says will stay in place as long as the USA policies remain. Therefore, as of June 1, 2018, tariffs will no longer be suspended for steel or aluminum imports from those countries.

The announcement was made by Commerce Secretary Wilbur Ross. I have argued for the European Union and the U.S. to engage in a positive transatlantic trade agenda, and for the European Union to be fully, permanently and unconditionally exempted from these tariffs.

Germany's foreign minister Heiko Mass called the tariff decision unlawful.

USA tariffs on steel and aluminium imports from allies in Europe and North America are "disappointing" and "absurd", the United Kingdom trade secretary says.

Dow Jones components Boeing (BA) and Caterpillar (CAT), heavy steel users vulnerable in a trade war, fell more than 1%.

Trump's tariffs, which will comprise 25% on steel and 10% on aluminium, will be enacted at midnight (1 June) and will hit European Union exports valued at €6.4bn in 2017, as well as Canada and Mexico, after talks failed.

They could also deal a heavy blow to non-U.S. producers.

The tariffs - 25 percent on imports of steel and 10 percent on aluminum - take effect at midnight Friday. Canada is the biggest steel exporter to the U.S.

The EU had said it wouldn't make trade concessions to gain a permanent exemption, and vowed to respond firmly to the imposition of tariffs.

Not even the US's closest allies can avoid being caught in President Donald Trump's escalating trade battles. Shares of BMW (BMWG.DE), Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE) fell.

In the name of national security, the Trump administration is also investigating possible limits on foreign cars.

Ross met Thursday morning in Paris with French Finance Minister Bruno Le Maire, whose government has vigorously objected to tariffs.

In language rarely used by a French official, Le Maire also said on Thursday that the US should not treat the balance of global trade like a "gunfight at the O.K. Corral". European officials argue that tit-for-tat tariffs will hurt growth on both sides of the Atlantic.

He said he's still planning to make a trip to Beijing this weekend even after the USA announced it would slap tariffs on $50 billion in Chinese goods, jeopardizing a fragile agreement to reduce the US trade deficit with China.

Previously the list of likely counter measures had included tariffs on politically sensitive United States imports such bourbon whisky and Harley-Davidson motorcycles.

President Giles Ashmead said: "While the United States is not a major export market for UK-produced aluminium, indiscriminate tariffs are a hindrance to free trade, and do little to secure a "level playing field" for global commerce".

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