United States imposes steel, aluminum tariffs on EU, Canada, Mexico

President Trump plans to impose steel, aluminum tariffs on the European Union

Canada, Mexico and Europe were exempted from import duties of 25 per cent on steel and 10 per cent on aluminum when they were first imposed in March, but those exemptions expire on Friday.

Steel and aluminum stocks surged initially, but pared gains.

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

Last week, Trump said that Canada is "very spoiled" and "very hard to deal with" in North American Free Trade Agreement (NAFTA) negotiations.

Tariffs on steel and aluminum imports to the USA can help local producers of the metals by making foreign products more expensive.

The Commission President has vowed to hit back at Mr Trump's trade tariff as he signalled the start of a trade war between Brussels and Washington with retaliatory tariffs within hours.

Brussels in last-ditch attempt to avoid Trump's trade tariffs
Details of the investment and export controls will be announced by June 30 and the final tariff list will be published by June 15. The merry little trade war with China appears to be back on , as the White House announced tariffs on a broad range of imports.

"It's not everyone attacking the other and we see who remains standing at the end", he said, declaring that the stiff taxes would be "unjustified, unjustifiable and dangerous".

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

US Commerce Secretary Wilbur Ross on Wednesday rejected calls to extend exemptions on the punishing import tariffs and warned that duties for massive US imports of automobiles were on the horizon.

But European officials are increasingly irritated by Trump's aggressive use of obscure provisions in US trade laws against USA allies.

"The steel and aluminum tariffs will have a poisonous effect on the NAFTA negotiations", Alden said.

Europe had promised swift retaliation if it was hit with the trade penalties, and had warned it could quickly respond with 25% tariffs on United States products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter.

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The European Commission's president, Jean-Claude Juncker, said Trump's decision amounted to trade protectionism and that Europe would respond with countermeasures.

"Such a move would hit American manufacturers with higher costs, slow the growth of the USA construction sector, and put the brakes on job creation in both of these key industries", the Chamber said.

South Korea negotiated a steel quota, while Argentina, Australia and Brazil have arranged for "limitations on the volume they can ship to the United States in lieu of tariffs", Ross said. But the broader market sank because of trade war fears.

Last week, Trump ordered the Commerce Department to conduct a national security investigation into foreign auto imports. "Nothing", French President Emmanuel Macron said Wednesday. That hurts the companies and can lead to more expensive consumer prices, economists say. "It's totally unacceptable that a country is imposing unilateral measures when it comes to world trade".

"These solutions might bring symbolic satisfaction in the short term".

But German Economy Minister Peter Altmaier insisted the Europeans were being "constructive" and were ready to negotiate special trade arrangements, notably for liquefied natural gas and industrial goods, including cars.

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