Canada Imposes Retaliatory Tariffs On US Imports

02 June, 2018, 01:24 | Author: Regina Lloyd
  • Trump pushes ahead with metals tariffs against EU Canada and Mexico

Mexico complained that the tariffs will "distort global trade" and said it will penalize USA imports including pork, apples, grapes, cheeses and flat steel.

Meanwhile, Canada announced it would impose a 10% tariff on us cucumber imports.

United States stocks fell and Treasuries rose after the US' announcement and the European Union and Mexico's vows to retaliate. The Dow Jones Industrial Average lost 1 percent and the S&P 500 shed 0.69 percent.

Stephen Kinnock, MP for Aberavon, fears the European market could be swamped with steel which would push down prices after Donald Trump started a trade war. European shares were lifted by a long-awaited deal to form a government in Italy, but still sharply down for the week.

The US president's decision to delay imposing higher duties for the EU, Canada and Mexico until June 1 gave the bloc hope for a permanent EU exemption, as the bloc's leaders have repeatedly criticized the tariffs as an act of protectionism by the US administration.

Trump had taken a slightly less adversarial public approach with Canada and Mexico during the initial stages of the negotiations, but that ended several months ago.

"These tariffs are an affront to the long standing security partnership between Canada and the United States", said Trudeau, as Ottawa hit back with retaliatory duties on U.S. imports worth up to $12.8 billion.

Navarro said it was unfortunate that the US couldn't come to an agreement with Europe, Canada and Mexico, adding that giving any one country preferential treatment would result in a significant increase in domestic production of steel and aluminum in that country. The tariffs announced by the Trump administration are aimed at protecting the US steel industry.

The EU earlier threatened to counter punch by targeting U.S. products, including Kentucky bourbon, blue jeans and motorcycles.

Late Thursday, U.S. President Donald Trump sent a very sharp warning - directed at Trudeau - over the pending the NAFTA negotiation.

Canada, Mexico and the European Union had been granted temporary exemptions from those tariffs while the United States pursued negotiations to address the administration's concerns about the state of domestic steel and aluminum production.

US Chamber of Commerce President Tom Donohue warned in a letter to the body's board, and seen by Reuters, that current trade policies could threaten economic progress and cause the loss of more than 2 million jobs, mostly in states that voted for Trump and Republican candidates.

President Trump had announced the tariffs in March, saying they were necessary to protect the United States from unfair competition and bolster national security.

"Other countries", according to the announcement, is in reference to those nations that were granted temporary exemption but did not negotiate settlements under threat of the tariffs.

Commerce Secretary Wilbur Ross said the tariffs - 25 percent on imported steel and 10 percent on aluminum - would take effect today. U.S. Steel climbed 3%.

"I've assured them that we're going to be working with them to make sure that Canadian jobs are protected and that Canadian workers and communities continue to do OK despite these unnecessary and punitive actions from the United States", he said.

Likewise, the Trump trade team sought to use the tariff threat to pressure Europe into reducing barriers to U.S. products.

Those nations, in turn, announced they were hitting the US with taxes on products ranging from steel to peanut butter.

The move comes after the Trump administration failed to win trade concessions from the European Union ahead of a Friday deadline.


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