Canada to retaliate against USA steel and aluminum tariffs

Canada to retaliate against USA steel and aluminum tariffs

Canada to retaliate against USA steel and aluminum tariffs

He said he's still planning to make a trip to Beijing this weekend even after the US announced it would slap tariffs on $50 billion in Chinese goods, jeopardizing a fragile agreement to reduce the USA trade deficit with China. Canada was expected to respond later Thursday, but said earlier this week it would react "appropriately" to any tariffs.

European Commission President Jean Claude Juncker said Trump's tariffs were "totally unacceptable" and promised to retaliate in due course.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade".

European officials, bracing for the tariffs, have threatened to retaliate against USA orange juice, peanut butter, kitchenware, clothing and footwear, washing machines, textiles, whiskey, motorcycles, boats and batteries.

Tariffs might protect some jobs in the United States steel industry, but far fewer than the number of jobs that will be lost. The International Monetary Fund has warned that a wave of protectionist forces are the biggest risk to the global economic outlook.

President Donald Trump had announced in March to impose an import tariff of 25 percent on steel and 15 percent on aluminum, based on addressing the perceived threat to national security.

And Britain, which has hopes of agreeing a trade liberalisation deal with the USA after Brexit, expressed alarm at Ross's announcement.

"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 unsafe".

The shares of American steel producers, which have supported the tariffs, rose across the board on Thursday.

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The EU has stressed that its industry has also been damaged and offered to work with the United States to find a multilateral solution through the World Trade Organisation. U.S. Steel Corp., AK Steel Holding Corp. and Steel Dynamics Inc. all gained in NY.

Meanwhile, negotiations with Canada and Mexico to revise the North American Free Trade Agreement were "taking longer than we had hoped" and there was no "precise date" for concluding them, so their exemption also would be removed, Ross told reporters.

USA and European officials held last-ditch talks in Paris to try to reach a deal, though hopes are low and fears of a trade war are mounting.

Is President Donald Trump a market menace - or a welcome disruptor? The US wants to use tariffs as a bargaining tool for other negotiations. That came as a surprise after China-U.S. trade talks appeared close to a deal for China to significantly increase purchases of U.S. energy and agricultural goods.

Some €6.4bn worth of European Union exports are expected to be affected by the United States tariffs.

The Trump administration said Tuesday that it is moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.

Commerce Secretary Wilbur Ross said there will be a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

"Trump signed two proclamations, which note that measures are in place to address the impairment to the national security threatened by imports of steel and aluminum from Argentina, Brazil, and Australia", White House Press Secretary Sarah Sanders released in a statement.

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