Steel and aluminum tariffs to apply to EU, Mexico, Canada

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

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

The EU said on Thursday it will impose retaliatory duties, a measure the bloc earlier indicated would target US$3.3 billion in American products from Harley-Davidson Inc. motorcycles to Levi Strauss & Co.'s jeans as well as bourbon whiskey.

Prior to Ross's announcement, a senior Canadian official, speaking on condition of anonymity citing the sensitivity of the situation, confirmed Canada has prepared a list of US products that might face retaliatory tariffs, but declined to give further details.

The minister says she doesn't believe the tariffs will alter the government's plan to purchase new military gear from the US because extra money is typically set aside for unexpected circumstances.

Party operatives told CNN Thursday that they are fretting the ramifications of more trade talk, anxious that those countries could respond by targeting key United States exports, many of which come from districts that could decide the balance of the House in November. "We are awaiting their reaction".

The tariffs, which have prompted several challenges at the WTO, are aimed at allowing the United States steel and aluminum industries to increase their capacity utilization rates above 80 percent for the first time in years.

The shares of American steel producers, which have supported the tariffs, rose across the board on Thursday.

U.S. Steel was up more than three per cent to $37.47 USA on the NYSE, while Nucor was ahead by nearly one per cent at $64.70 US.

While shares of Canadian steel firms headed lower, their USA counterparts got an initial boost before giving back some of their initial gains. "This is not an action against them, it's simply an action to defend our industries as President Trump said he would".

Economists say the standoff with the European Union could tip toward a trade war, particularly after Trump last week launched another national security investigation into vehicle and truck imports that could lead to new U.S. tariffs.

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Tumazos credits the buoyant environment and rising prices to the steel tariffs, as well as the Trump administration's move to cut corporate taxes to 21 per cent from 35 per cent.

The U.S. Beer Institute says its members, which includes Denver and Montreal-based Molson Coors Brewing Co., are united against the tariffs on imported aluminum.

USA trading partners had demanded that the exemptions be extended or made permanent.

In imposing the tariffs, President Donald Trump invoked a seldom-used section of a 1960s trade law that allows him to erect trade barriers when imports imperil national security.

The White House is expected to confirm today plans to slap tariffs of 25 per cent on imported European Union steel and 10 per cent on aluminium, a move which could trigger a bitter transatlantic dispute.

Imposition of tariffs on European steel and aluminium imports could provoke retaliatory tariffs and inflame trans-Atlantic trade tensions.

In addition to using his metal tariffs as a NAFTA negotiation ploy, he has also threatened to make a new agreement conditional on immigration policy but Mexico quickly rebuffed the idea. France's finance minister, Bruno Le Maire, said after a meeting with Ross that the imposition of steel and aluminum tariffs would be a step into risky territory.

French President Emmanuel Macron, who unsuccessfully lobbied against both Trump's tariffs and USA withdrawal from the Iran nuclear deal during his official state visit to Washington last month, criticized the tariffs in a speech on Wednesday as part of a larger "nationalist retrenchment" reminiscent of Europe in the 1930s.

The decision, which comes just days after Trump broke a cease-fire in an escalating trade dispute with China, is certain to inflame relations and invite retaliation.

The administration's biggest concern is over steel exports from China, but the White House believes overcapacity in other nations must similarly be addressed.

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