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U.S. ends steel, aluminum import tariff exemption on EU, Canada, Mexico

02 Juin 2018

The tariffs, which apply to a long list of US products that includes everything from flat-rolled steel to playing cards and felt-tipped pens, will go into effect July 1, said Foreign Affairs Minister Chrystia Freeland.

Steel is less lop-sided but the US still didn't have the capacity to make all the steel the country needed. "All of these countries, including the European Union, they charge five times the tariffs - we don't charge tariffs, essentially". That hasn't been done.

Speaking to BI later on Friday morning, Gardiner said: "Holding hands with President Trump has not stopped him attacking our steelworkers' jobs". Do you think there will be a trade war? Trudeau said the tariffs were not created to hurt the American people, but rather defend Canada's interests and send a message to the Trump administration. The EU, as well as Canada and Mexico, has vowed to retaliate.

Malmstrom said over-production from China, not Europe, was to blame for the glut of steel that prompted the US action.

President Donald Trump had originally imposed the tariffs in March, saying a reliance on imported metals threatened national security. 'They're very restrictive as to taking our agricultural product and other things, ' he said. But the NAFTA talks stalled.

The NAFTA talks were one factor in the administration's decision to grant exemptions to Canada and Mexico from the steel and aluminum tariffs. "These are two different countries".

Juncker has said that the European Union will hit back with tariffs of its own, telling reporters: "This is a bad day for the world trade".

Shares of US Steel Corp rose 1.7 per cent, but AK Steel fell 1.3 per cent and Steel Dynamics Inc shed 0.9 per cent. Shares of Century Aluminum Co jumped 3.3 per cent but Alcoa Corp shed 0.9 per cent.

'Mexico has taken our auto companies. They've already jumped about 25 percent since he announced the tariffs a few weeks ago.

"There is a lot of concern here about the impact it would have in Tennessee", said Bradley Jackson, president of the Tennessee Chamber of Commerce and Industry. But the move means Trump will be face-to-face with a number of leaders who have taken retaliatory action against the USA when he makes his closely watched Canadian debut at the G7 next week. It could also place the United States in a trade dispute on more than one front.

"This is the best possible set of arrangements and really sets the standard in where free trade should be", Treasurer Scott Morrison said in Sydney on Friday. "At a minimum, I want fair trade".

Henrik Adam, chief commercial officer of Tata Steel in Europe, said: "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 U.S. 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". To be honest with you, they can not believe that they've gotten away with this for so many decades'.

"This could be a catastrophic move and utterly self-defeating because when President Bush imposed tariffs in 2002 it led to the loss of 200,000 jobs in the U.S. manufacturing industry's".

The US tried to use the threat of sanctions as "leverage to obtain concessions" from the European Union, but "this is not the way we do business", especially between longstanding allies, she said. I love them. But Mexico's making over $100 billion a year. We have awful border laws'.

The EU hopes that if lawmakers face job losses in their districts, they will try to pressure Trump to change his policies, Denton said.

Some of Trump's fellow Republicans also criticized the move.

U.S. ends steel, aluminum import tariff exemption on EU, Canada, Mexico