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‘Totally unacceptable’: Canada retaliates with tariffs on United States imports

01 Juin 2018

Mr Trump had campaigned for president on a promise to crack down on trading partners that he said exploited poorly negotiated trade agreements to run up big trade surpluses with the US.

Steel produced by companies in countries like France face heavy new levies.

Tariffs have led to higher steel and aluminum prices in the United States, benefiting producers but potentially squeezing profit margins of large companies that use the metals. "It is pure protectionism".

Senior US officials have said that during the Beijing visit, Ross will be seeking commitments on how that will happen in areas such as energy and agriculture.

EU members have given broad support to a European Commission plan to set duties on 2.8 billion euros ($A4.3.billion) of United States exports if Washington ends the tariff exemption. "The U.S. now leaves us with no choice but to proceed with a WTO dispute settlement case and with the imposition of additional duties on a number of imports from the U.S".

The list included steel and aluminium in various forms, but also orange juice, maple syrup, whiskey, toilet paper and a wide variety of other products.

Mexico has also announced retaliatory tariffs on United States imports including pork bellies, apples, grapes, cheese and flat steel, according to a statement from Mexico's Economy Ministry.

The Trump administration's announcement it will impose tariffs on steel and aluminium imports from Europe, Mexico and Canada drew swift vows of retaliation from key allies, inflamed trade tensions and sent stock markets sinking.

The US will place quotas or volume limits on steel and aluminium from Australia and Argentina. They were none other than Canada, Mexico, and the European Union, countries which had previously been exempted. The trade restrictions will take effect on July 1 and will remain enforced until Trump eliminates his own tariffs on our North American neighbor.

Beer, iPhones and plane tickets are all likely to get more expensive in the next few months thanks to President Donald Trump.

"We have been, and will continue, to work closely with our customers on potential product exclusions as the vast majority of the products Tata Steel Europe exports to the United States can not be made by USA steel companies, such as our extra wide strip, battery quality hot rolled material as well as certain packaging steels", he said.

The tariffs are aimed at allowing the USA steel and aluminum industries to increase their capacity utilization rates above 80 percent for the first time in years. It is expected to cost United States businesses some £2.4bn.

The director of UK Steel, Gareth Stace, said he feared there was clear potential for a damaging trade war.

Goldman Sachs in March that estimated that the tariffs would boost inflation by less than half a percentage point.

Speaking of NAFTA, Trudeau said he told Mr. Trump last week he would go down to Washington with Freeland and personally sit down with the president to work out details.

The EU had already threatened reprisal tariffs, which could tip the U.S. into another trade war.

Canada, a staunch U.S. ally, is the largest supplier of steel and aluminium to the US.

"It's entirely up to U.S. authorities whether they want to enter into a trade conflict with their biggest partner, Europe,"France's Finance Minister Bruno Le Maire said after meeting with Ross on Thursday. Now that we have clarity, the EU's response will be proportionate and in accordance with WTO rules".

News of the tariffs rattled global markets and sparked sell-offs of manufacturing shares by USA investors.

He said: "The administration will need to come to Capitol Hill to provide answers about the indiscriminate harm these tariffs are causing our local businesses".

Even some of Trump's supporters criticized the measures.

Europe, Canada and Mexico say that as close allies of the USA they should receive exemptions from the measures. Chancellor Angela Merkel said she was afraid of an "escalation that will damage everyone".

‘Totally unacceptable’: Canada retaliates with tariffs on United States imports