British government urged to stand up to U.S. on steel tariffs

British government urged to stand up to U.S. on steel tariffs

British government urged to stand up to U.S. on steel tariffs

So, with the tariffs and retaliation, does this qualify as a 'trade war?'

"They must open their markets and take down their trade barriers!"

Commerce Secretary Wilbur Ross said the tariffs would be 25 percent on steel and 10 percent on aluminum, and go into effect on Friday, as the administration followed through on the penalties after earlier granting exemptions to buy time for negotiations.

Justifying US steel tariffs based on national security concerns is "grotesque", according to Germany's steel industry association.

"This is protectionism, pure and simple", said Jean-Claude Juncker, president of the European Commission.

Tariffs of 25 per cent on steel imports and 10 per cent on aluminium were imposed on the EU, Canada and Mexico from midnight in Washington.

Malmstrom said over-production from China, not Europe, was to blame for the glut of steel that prompted the U.S. action. Canada and Mexico, embroiled in talks with the USA to modernise the North American Free Trade Agreement, responded swiftly.

The Trump administration wants China to buy more U.S. goods to lower a trade deficit.

These items include yogurt, coffee, sugar, toilet paper, sailboats, mattresses, washing machines and lawn mowers - all aimed at exerting pressure on key USA states that export a lot to Canada.

Mr Stace told BBC Radio 4's World At One that it was too early to speculate on the likely impact on jobs, but said: "At worst, we could fall straight back into the crisis we suffered in 2015/16, which was the worst steel crisis in a generation". He said he planned to travel to China on Friday for trade talks between the world's two biggest economies.

The European Union is planning retaliatory tariffs on US steel and food goods in the coming weeks, once it calculates the exact cost to European Union companies of the USA tariffs.

"Everyone expressed their complete incomprehension of the American decisions and everyone said it was up to the Americans to take the next step since they were the ones who imposed the tariffs".

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The US move has also invited strong criticism from China which retaliated by imposing its own tariffs on imported US goods. Trump said on Friday he might prefer to end NAFTA in favour of two bilateral agreements with the two USA neighbours.

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At a higher level, meanwhile, the North Korean leader's right-hand man Kim Yong-chol flew to NY to meet with U.S. The State Department said a separate team of White House officials has headed to Singapore to sort out logistics.

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Gowdy told Fox News that the Federal Bureau of Investigation made proper use of a confidential informant. On Wednesday, Gowdy said he had "never heard the term "spy" used" and did not see evidence of it.

Brazil, Argentina and Australia have agreed to limit steel shipments to the exchange for being spared the tariffs, the Commerce Department said. Trump has vowed to press ahead with tariffs on as much as $50 billion in imports from China.

Fears of a global trade war are already weighing on investor confidence and could hinder the global economic upturn.

Trump had offered the two US neighbors a permanent exemption from the steel and aluminum tariffs if they agreed to USA demands on NAFTA.

The world's most powerful nations risk failing to make enough progress on tackling steel overcapacity by an August deadline, which is seen by the United States as a potential reason to start a trade war. "We will respond appropriately".

Massive US tariffs on European Union steel imports came into force on Friday as Britain made it clear a trans-Atlantic trade war would be bad for both sides.

Bruno Le Maire, France's minister of the economy and finance, said the USA tariffs are "unjustified, unjustifiable and unsafe".

Wang told reporters that China´s position is "not only trying to uphold China's own interest but also worldwide rules and the global free trade system".

"We have a huge problem with the American government, with the White House", Moisi said.

"The US is playing a unsafe game here." said Cecilia Malmström, the European Union trade commissioner. Noting her discussions with US officials, she said.

"The EU and United Kingdom should be permanently exempted from tariffs and we will continue to work together to protect and safeguard our workers and industries", Mrs May said.

Even some Trump allies in Congress said the trade moves were misguided.

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