Trump's global trade war

Trump to hit EU, Canada and Mexico with steel and aluminium tariffs

Trump to hit EU, Canada and Mexico with steel and aluminium tariffs

In the case of Canada and Mexico, Ross said the decision was based on a lack of progress in the ongoing talks to update the North American Free Trade Agreement.

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

Stocks in the U.S. fell as the administration ignored the pleas from business lobbying groups including the U.S. Chamber of Commerce to forgo tariffs.

Secretary of Commerce Wilbur Ross testifies during the House Oversight and Government Reform Committee hearing on the census, October 12, 2017. "We are ready to rebuild this multilateralism with our American friends". Steffen Seibert, a German government spokesperson, also called the tariffs "unlawful". South Korea also received a permanent exemption from steel tariffs, having negotiated instead an absolute quota equivalent to 70 percent of 2015-2017 imports.

The NAFTA talks were one factor in the administration's decision to grant exemptions to Canada and Mexico from the steel and aluminum tariffs.

The three close USA allies had been part of a small group of foreign governments that received temporary exemptions from the tariffs, until trade deals could be signed.

They could also deal a heavy blow to non-U.S. producers.

Speaking to an energy conference in Brussels as the USA decision was announced, Jean-Claude Juncker urged...

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.

U.S. Steel was up more than three per cent to $37.47 USA on the NYSE, while Nucor was ahead by nearly one per cent at $64.70 US.

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After months in which it appeared the Trump administration had been backing away from tariffs amid infighting between the president's top economic advisers, Washington has over the past week ramped up its threats on trade.

Trudeau and French President Emmanuel Macron made their cases separately Wednesday to dissuade Trump, who is using a national-security clause in US trade law to justify the move. That share prices of BMW, Daimler and Volkswagen.

The prospect of the metals tariffs taking effect on Friday caused mounting frustration in Europe, the single-largest source of USA steel imports.

The bloc's response will be "united and firm", French Finance Minister Bruno Le Maire warned.

US Treasury Secretary Steven Mnuchin is due to hold meetings with his European counterparts to discuss President Donald Trump's confrontational trade agenda, officials said.

Europe did not want a trade war, he said, but Washington had to back down from "unjustified, unjustifiable and unsafe tariffs".

French Finance Minister Bruno Le Maire, whom Ross was scheduled to meet in Paris on Thursday morning, said on Wednesday that the European Union did not want a trade war either but would respond if Washington imposed tariffs.

The EU said it would take immediate steps to retaliate, while Mexico vowed to impose duties on everything from US flat steel to cheese. They are expected to lead to retaliation from European nations.

"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".

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