USA to push steel, aluminum tariffs; EU, Canada, Mexico pledge to retaliate

Jun 03, 2018, 21:14
USA to push steel, aluminum tariffs; EU, Canada, Mexico pledge to retaliate

The U.S. has bypassed WTO procedures and imposed tariffs on imported steel and aluminum from Friday, hitting Canada, Mexico and the European Union, even though the steel and aluminum over-capacity stems mainly from China.

Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with US trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed.

Europe is bracing for the United States to slap restrictions Thursday on imported steel and aluminum, a move that could provoke retaliatory tariffs and inflame trade tensions.

The EU is set to retaliate with tariffs on a range of USA goods from Harley-Davidson motorcycles to blue jeans and bourbon whiskey.

Freeland said Canada would challenge the U.S. tariffs under NAFTA's Chapter 20 and the WTO's dispute settlement process.

Besides the USA steel and aluminum tariffs, the Trump administration is also investigating possible limits on foreign cars in the name of national security.

President Trump on Saturday blasted critics who accused him of starting a trade war, saying the US has been losing the trade war for years.

President Donald Trump on Friday floated the idea of replacing the North American Free Trade Agreement with two separate trade deals - one with Canada and one with Mexico - adding more uncertainly to trade talks between the three countries that appear to have ground to a halt.

While the tariffs being higher than expected could certainly have ramifications for United States businesses, experts say they would be permitted under worldwide law. They charge five times what we charge for tariffs.

But he said that those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".

"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to USA industry including in defence projects which bolster U.S. national security".

Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.in exchange for being spared the tariffs, the Commerce Department said. The $800 billion figure represents the total value of goods imported by the U.S.in 2017. Trudeau called this moment a turning point in the Canada-U.S. relationship.

"I don't think in any way the United States is abandoning its leadership in the global economy, quite the contrary".

The Trump administration announced Thursday that it would be implementing tariffs of steel and aluminum from Europe, Canada, and Mexico.

India on the other hand exports Dollars 761 million worth of steel to the USA, which is 2.6 per cent of the total import.

Mr Le Maire said US Treasury Secretary Steven Mnuchin was not surprised when confronted about the tariffs inside the talks.

It came after the European Union said it would introduce retaliatory tariffs after Mr Trump's "illegal" and "dangerous" decision.

But the U.S.is pressing ahead nonetheless, a long-threatened tactic sure to cast a pall over the G7 summit Prime Minister Justin Trudeau is hosting next week in Quebec.

The EU alone accounts for Dollars 5.9 billion or 20.6 per cent of the total steel imported into the US.

YOU MIGHT ALSO LIKE
  • Led anti-IS coalition admits 9 more civilian deaths

    Led anti-IS coalition admits 9 more civilian deaths

    Outside groups have said that the number of civilians killed in the ISIS fight is much higher than the coalition's figures. The report covers American-led counter terrorism airstrikes and ground operations around the world in 2017.
    Google draws up guidelines for its military AI following employee fury

    Google draws up guidelines for its military AI following employee fury

    Google intends to introduce new "ethical principals" next week involving its use of artificial intelligence , Gizmodo reported. Employees were informed on Friday when Diane Greene , the head of Google Cloud, shared the news during a weekly meeting.
    Australia exempted from United States  tariffs on steel and aluminium

    Australia exempted from United States tariffs on steel and aluminium

    The sources interviewed Friday emphasized that anything could "turn on a dime" with Trump; hours later, they were proven correct. The key, sources say, will be to find a way to give Trump the political cover he needs to claim a face-saving political victory.
  • USA  announces 25 pct tariff on Chinese goods

    USA announces 25 pct tariff on Chinese goods

    On Friday, China's markets regulator said it was still reviewing San Diego-based Qualcomm Inc's $44 billion acquisition of NXP Semiconductors.
    Stanley Cup Final - Washington Capitals angry, resilient after losing Evgeny Kuznetsov - NHL

    Stanley Cup Final - Washington Capitals angry, resilient after losing Evgeny Kuznetsov - NHL

    It was Holtby who recorded back-to-back shutouts against the Tampa Bay Lightning to close out the Eastern Conference final. I think you'd be hard-pressed to find somebody who's rooting for the Capitals no matter how good they are.
    NBA Finals Preview: Warriors vs. Cavaliers

    NBA Finals Preview: Warriors vs. Cavaliers

    Of course, Game 1 was a classic, perhaps throwing salt on the theory people are bored with these two teams playing each other. And then tonight in The Finals on the biggest stage, when our team played well, played our (butt) off, man, it ain't right.
  • Donald Trump waits on Kim Jong-un letter, talks up possible meeting

    Donald Trump waits on Kim Jong-un letter, talks up possible meeting

    The president said he expected a number of summits would be needed to settle all outstanding issues. We think it's important-and I think we would be making a big mistake if we didn't have it".
    Bobby Brown Wants to Slap Kanye West for 'Daytona' Cover

    Bobby Brown Wants to Slap Kanye West for 'Daytona' Cover

    Kanye, after all, has spent the better part of the last decade snatching victory from the jaws of self-created defeat. What's your thoughts on ye? Ye is available for listening starting today on Apple Music , iTunes, Spotify and Tidal.

    Visa systems operating at 'close to' normal levels after severe disruption

    Credit card company Visa is experiencing a service disruption across Europe which is preventing transactions being processed. A Sainsbury's spokesperson commented: "We are aware that Visa are now experiencing problems".
  • Kim Yong Chol: N. Korean leader's hawkish right-hand man

    Kim Yong Chol: N. Korean leader's hawkish right-hand man

    Clinton eventually visited North Korea as a former president in 2009 to secure the freedom of two detained American journalists. Shortly afterward, however, the U.S. president said that he was still open to meeting with the North Korean leader.
    Sixers consider dismissing Bryan Colangelo over Twitter scandal, ESPN reports

    Sixers consider dismissing Bryan Colangelo over Twitter scandal, ESPN reports

    The 76ers are expected to finish their investigation into allegations against Bryan Colangelo within the next few days, if not Friday, according to league sources.
    Nascar eSports Future of Racing?

    Nascar eSports Future of Racing?

    Just like modern stars Cristiano Ronaldo and Lionel Messi have made soccer all the more popular in the United States of America. Still unsure? The series has been shown online since 2010, and the demand to watch it shows the growth is likely to continue.
popular