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U.S. imposes steel, aluminum tariffs on EU, Canada, Mexico

02 Juin 2018

Canadian Prime Minister Justin Trudeau said Thursday that he'd offered to go to Washington this week to complete the talks, thinking they were close to an agreement, but that Vice-President Mike Pence called him and told him a meeting with the US president would only happen if Trudeau agreed to put a five-year sunset clause into the deal.

"We take the view that without a strong economy, you can not have strong national security", Ross told reporters.

Britain is now less likely to succeed on our own after Brexit after Donald Trump's massive new tariffs on steel, says Maajid Nawaz.

She calls the US measures illegal and counterproductive.

British Prime Minister Theresa May said she was "deeply disappointed at the unjustified decision" to apply the tariffs announced by the Department of Commerce.

The three close USA allies had been part of a small group of foreign governments that received temporary exemptions from the tariffs, until trade deals could be signed.

Trump went back to fuming over the USA trade deficits with other nations.

Malmstrom said that specific retaliatory measures would be submitted to the World Trade Organization by June 20. French president Emmanuel Macron described the United States move as a mistake, the UK's global trade secretary Liam Fox called it "patently absurd", and Germany's economy minister Peter Altmaier said on Friday: "We hope the European response will result in a process of reflection in the U.S.".

Commerce Secretary Wilbur Ross said the tariffs - 25 per cent on imported steel and 10 per cent on aluminium - would take effect on Friday (local time). Mexico says it is imposing "equivalent" measures on United States farm and industrial products.

The import tariffs - 25 percent on steel and 10 percent on aluminum - have been imposed by the US under Section 232 of the Trade Expansion Act of 1962.

Ontario Premier Kathleen Wynne told reporters during a campaign stop in Hamilton that she supported Ottawa's tariff plan, adding she is prepared to do whatever it takes to ensure the steel industry remains viable.

Mr Ross himself heads to Beijing today where he will attempt to get firm deals to export more U.S. goods in a bid to cut America's $375 billion trade deficit with China.

An editorial Friday in China's Global Times - the English language publication of People's Daily, the Chinese Communist Party's official newspaper - exhorted the European Union to "stand up to the it waves its big stick, by raising their own".

'We lose many, many, many billions of dollars with Canada, ' Trump said, apparently still referencing the trade deficit.

"This is a bad day for world trade", head of the European Union bloc's executive Jean-Claude Juncker said in Brussels.

"Americans remain our partners, friends, and allies", he said in a statement. Obviously the stock market agrees, because when you look what's going on with the stocks, they're starting to see I'm right, ' he said, on a day the market rebounded on a good economic report that Trump touted in advance on Twitter.

A Trade Partnership study conducted in March, before the exemptions were put in place, estimated that steel and aluminum tariffs would cost, on net, 470,000 jobs, with eighteen jobs lost for every job protected. "We don't understand the logic of this".

House Speaker Paul Ryan and several leading Republicans in Congress were critical of the administration's tariff action.

The U.S. tariffs are expected to be particularly injurious to the European steel sector, only just recovering from a protracted crisis.

U.S. imposes steel, aluminum tariffs on EU, Canada, Mexico