A 25 per cent tariff on steel imports and 10 per cent tariff on aluminium imports will be imposed on the EU, Canada and Mexico starting at midnight local time, Mr Ross told reporters.
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“Throughout these talks, the US has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU”, said Cecilia Malmstrom, EU Commissioner for Trade. Officials said the import taxes would take effect on Friday. But if he were to pull America out of NAFTA he would face a huge domestic backlash, opening up yet another front in his war on free trade.
No other president ever brought it up. and it’s gonna be done now, ‘ Trump said.
Canadian Prime Minister Justin Trudeau said the steel and aluminium tariffs were “totally unacceptable” and a violation of a centuries-old relationship between the USA and Canada.
“The European Commission now needs to put in place protection measures on a provisional basis without delay”.
Le Maire said he would tell Mnuchin the USA decision to impose tariffs on European Union steel and aluminum was “legally unacceptable, politically unfair and economically dangerous”.
Germany’s Economy Minister said early on Friday (June 1) the European Union might look to coordinate its response with Canada and Mexico.
Jean-Claude Juncker, the president of the European Commission, promised “immediate retaliation”, The Guardian says.
He also said that leaders in Europe, Canada and Mexico had acknowledged to him in past discussions that their trade arrangements with the US were one-sided.
Foreign Affairs Minister Chrystia Freeland told the House of Commons on Friday that Canada plans to appeal the tariff decision to the World Trade Organization as well as under NAFTA, calling them “illegal”.
“These tariffs will harm industries and workers on both sides of the Canada-US border and will disrupt supply chains that have made North American steel more competitive across the globe”, Trudeau said.
Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.to avoid tariffs.
“And, in the case of the United Kingdom, where we send steel to the United States that is vital for their businesses and their defence industry, it is patently absurd”.
FILE – Jose Mata grinds a steel pipe at the Borusan Mannesmann plant in Baytown, Texas, April 23, 2018.
U.S. Commerce Secretary Wilbur Ross made the announcement Thursday morning.
Announced in March and predominantly aimed at China, the EU, Mexico and Canada were expected to be granted relief while negotiations continued.
Manfred Weber, an ally of German Chancellor Angela Merkel, said “we will have no choice but to defend European industry, jobs and interests”. EU Trade Commissioner Cecilia Malmstrom announced a 2 pm (1200 GMT) Friday news conference to deliver the response of the world’s largest trading bloc to the US tariffs.
“It is hard to see what good can come of these tariffs”, UK Steel director Gareth Stace said.
French Finance Minister Bruno Le Maire criticized the tariffs. It believes the new tariffs are in clear breach of WTO rules and rejects United States claims that they are necessary on national security grounds.
Soybeans are big business in Midwestern states like Iowa, where Trump has strong support.
While steel and aluminum producers will take a major hit as a result of the metals tariffs imposed by the United States, the levies won’t “break” Canada’s overall economy, according to a National Bank economist.
One of several Republicans to voice opposition, Ryan said the administration should not be targeting “America’s allies when we should be working with them to address the unfair trading practices of countries like China”.
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“Taken together, [Canadian exports of steel and aluminum products to the U.S.] represent less than five per cent of Canadian goods exports to the US and less than one per cent of Canadian GDP”, Senior Economist Krishen Rangasamy wrote in a note to clients Thursday, citing data for the 12-month period ending in March.
