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

Trump to impose steel, aluminium tariffs on EU - report

Trump 'is set to slap tariffs on EU steel and aluminium TODAY' amid fears of a trade war

Those exemptions will expire at midnight tonight.

The tariffs, which have increased friction with U.S. trading partners worldwide and prompted several challenges before the World Trade Organization, are aimed at allowing the United States steel and aluminium industries to increase their capacity utilization rates above 80% for the first time in years.

While not confirming directly that the US would decide to impose tariffs, he said: 'It's up to the European Union to decide if it wants to take retaliatory measures.

"It's not everyone attacking the other and we see who remains standing at the end", he said, declaring that the stiff taxes would be "unjustified, unjustifiable and dangerous".

President of the European Commission Jean-Claude Juncker called tariffs "totally unacceptable" and pledged to introduce counter balancing measures in the coming hours.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade".

While the imposition of 25 percent duty on import of steel and 15 percent on aluminum was meant to target the Chinese industry, the new tariff policy looks like it has hit close friends and allies of the US.

During a conference call early Thursday, Ross shrugged off questions about the US facing possible retaliation, or whether the move would negatively affect the G7 meeting.

But EU Trade Commissioner Cecilia Malmstrom has repeatedly refused to "negotiate under threat" and reiterated the position today, saying: "That is not the way we do business". Growing trade tensions have clouded a benign outlook for the global economy, which is on track to grow at its fastest pace in seven years this year and next, according to the International Monetary Fund.

Trump in March announced global tariffs of 25 percent on imports of steel, and 10 percent on aluminum, citing national security concerns, but has delayed enacting them for some countries, giving them time to offer concessions.

That means that President Donald 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 in Quebec.

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"What they can do, we're able to do exactly the same", he said.

White House spokesman Raj Shah told Fox News: "The president's actions are about protecting American steel, American aluminum". U.S. Steel Corp., AK Steel Holding Corp. and Steel Dynamics Inc. all gained in NY.

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 US policies remain. There's potential "flexibility" in the future because the president has the power to increase or cut tariffs, remove them, or enact quotas, he said.

In response, European Union chief Juncker said the United States tariffs decision leaves the bloc with "no choice" but to impose counter-measures and pursue a case in the World Trade Organisation.

Meantime, Canadian producers are mired in uncertainty, said Tony Kafato, president of Toronto-based Venture Steel, which processes carbon steel and aluminum for the auto industry and other customers.

U.S. Steel was up more than three per cent to $37.47 United States on the NYSE, while Nucor was ahead by nearly one per cent at $64.70 US. Last week, The Trump administration announced an investigation into whether automobile imports are hurting U.S. national security, laying the groundwork for another trade fight.

The Trump administration said Tuesday that it is moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.

Canada and Mexico also rejected the Trump administration's suggestion of linking tariff relief to the outcome of ongoing talks to revamp NAFTA.

Prime Minister Justin Trudeau and Minister of Foreign Affairs Chrystia Freeland are scheduled to speak to reporters in Ottawa at 1:30 p.m. ET Thursday.

The three allies were previously given temporary exemptions from the duties - 25 percent on steel imports and 10 percent on aluminum. You saw his reaction when China made a decision to retaliate.

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