US to impose tariffs on EU steel, aluminium at midnight

US to impose tariffs on EU steel, aluminium at midnight

US to impose tariffs on EU steel, aluminium at midnight

The United States confirmed steel and aluminium tariffs would be levied on imports from long term allies Canada, the European Union and Mexico.

They include a 25 percent tariff on steel imports and a 10 percent tariff on aluminium imports.

United Kingdom exports of aluminium to the U.S. are tiny, but in March the UK's Aluminium Federation said it feared the 10% tariffs.

Trump imposed the steel and aluminum tariffs using a national security justification, which Ross said encompasses a broad array of economic issues - a premise derided by United States allies.

Canada's Minister of Foreign Affairs, Chrystia Freeland, said the Trump administration's unilateral trade restrictions violate NAFTA and World Trade Organization rules, and therefore Canada will launch dispute settlement proceedings.

"I think there's been a complete failure on the part of the US administration to understand that what will be felt in Sault, Ontario will also be felt in Soo, Michigan, in OH, in Arizona, Texas and the midwest".

Canadian Foreign Minister Chrystia Freeland said Ottawa will impose retaliatory tariffs on $16.6 billion worth of US exports and challenge USA steel and aluminum tariffs under the North American Free Trade Agreement as well as at the World Trade Organization.

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

Canadian Prime Minister Justin Trudeau called the tariffs "totally unacceptable" and an affront to an ally that has fought alongside American forces for decades.

It said the administration's actions "underscore its commitment to good-faith negotiations with our allies to enhance our national security while supporting American workers".

Trump first announced the fees in March, saying they were a national security issue because unfair competition from foreign producers of steel and aluminum damages the US.

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European Union's trade commissioner Cecilia Malmstrom had a meeting scheduled with the US Trade Representative Robert Lighthizer in Paris on Thursday among other worldwide trade chiefs.

European Commission President Jean-Claude Juncker also said the EU would respond with penalties of its own on USA exports.

During a conference call early Thursday, Ross shrugged off questions about the USA facing possible retaliation, or whether the move would negatively affect the G7 meeting.

"Without a strong economy, you can't have a strong national security, ' he said". But Ross said Thursday that those talks "are taking longer than we hoped". Throughout these talks, the USA has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU. Our Steel and Aluminum industries are dead.

Europe, Canada and Mexico say that as close allies of the USA they should receive exemptions from the measures.

Despite the EU's reticence to enter a trade war, Juncker said the decision could not go "without any kind of reaction". The European Union is ready to retaliate immediately following the tariffs.

Institute CEO Jim McGreevy called the tariffs a new tax on the USA beer industry.

With the tariffs also comes the risk of a trade war with America's biggest allies. "As stated time and time again, the only sustainable solution to the root cause of the issue, global overcapacity in steel production, is multilateral discussions and action through established worldwide channels".

"World trade is not a gunfight at the OK Corral", Le Maire quipped, referring to a 1957 western movie.

Ross criticized the European Union for its tough negotiating position.

In imposing them, the administration is following through on a pledge to do so after having earlier granted exemptions to the affected nations to try to buy time for negotiations.

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