USA trade tensions at fever pitch as steel deadline looms

31 May, 2018, 18:28 | Author: Regina Lloyd
  • Markets Right Now: Stocks dip as US, Mexico announce tariffs

National news sources are reporting that the US has confirmed plans to hit Canada with a 25-per-cent tariff on steel and a 10-per-cent tariff on aluminum imports.

The measures will be in place until the USA government eliminates its tariffs, the ministry said.

The United States said on Thursday it would impose harsh tariffs on steel and aluminum imports from the European Union, Canada, Mexico at 0400 GMT on Friday - another move sure to anger Washington's trading partners.

"If any of these parties does retaliate that does not mean there can not be continuing negotiations", Ross said.

"The talks are taking longer than we had hoped".

"This is a bad day for the world trade", he stressed.

The Commission has said the European Union will set duties $3.4 billion of USA exports, including peanut butter and denim jeans, if its metals exports to the United States worth $7.5 billion are subject to tariffs. "It's not about who attacks whom, and then wait and see who is still standing at the end".

Trudeau, who was expected to respond to the decision later Thursday, spoke with Trump by phone earlier this week to counter the national-security argument, and made the same pitch Wednesday to U.S. Vice President Mike Pence.




The Trump administration announced that the U.S will impose tariffs on steel, aluminum imports from Europe, Canada and Mexico, as a previously designated exemption expires tonight at midnight.

The decision, announced by Commerce Secretary Wilbur Ross, came hours before temporary exemptions were due to elapse at 12:01 a.m.in Washington on Friday.

President Trump had announced the tariffs in March, but gave several USA allies temporary exemptions while they negotiated potential limits on shipments to the United States.

The EU has vowed to hit back at the U.S. with tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey. We think on the contrary that global trade must have rules in a context of multilateralism.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in the world trade". We are ready to rebuild this multilateralism with our American friends'.

According to the Associated Press, French President Emmanuel Macron alluded to Trump's leadership style directly in slamming the pending tariffs in a Wednesday speech.

But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".

Jean-Claude Juncker, president of the European Commission, said, "The U.S. leaves us no choice but to proceed with a WTO dispute settlement case and the imposition of additional duties on a number of U.S. imports". That hurts the companies and can lead to more expensive consumer prices, economists say.

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