US imposing steel and aluminium tariffs on Canada, Mexico

Clay Curtis
June 1, 2018

The move immediately triggered vows of retaliation from Mexico and the European Union, which called the tariffs "protectionism, pure and simple".

Asked whether the company could cut its costs by 20% to maintain its competitiveness, Mr Ellis said: "We can't do that".

EU members have so far given broad support to a European Commission plan to set duties on 2.8 billion euros (£2.5 billion) of US exports. He says the European Union will impose additional duties on a number of imports from the U.S. It plans to immediately draw up a list of U.S. products for retaliatory measures, including yachts, whiskey, orange juice and jeans.

Mexico's ministry of economy pledged to impose equivalent measures, and included a partial list of USA goods that would face tariffs, including pork bellies, cheese, and produce such as grapes and apples.

The Trump administration says it is imposing a 25 per cent tariff on Canadian steel and 10 per cent tariff on Canadian aluminum starting at midnight tonight, ostensibly because of national-security concerns.

The US will place quotas or volume limits on steel and aluminium from Australia and Argentina.

Canada, Mexico and the European Union were initially granted exemptions, but they end Friday. He said he's still planning to make a trip to Beijing this weekend even after the USA announced it would slap tariffs on $50 billion in Chinese goods, jeopardizing a fragile agreement to reduce the US trade deficit with China.

Beer, iPhones and plane tickets are all likely to get more expensive in the next few months thanks to President Donald Trump.

"We continue to be quite willing and indeed eager to have discussions with all those parties", Mr Ross said.

Many trade experts argue the United States is hitting the wrong targets, as the worldwide glut of steel and aluminium is largely blamed on excess production in China.

"The claims the administration is making is they're doing it for national security reasons, but we're your closest friend, partner and ally", said George, who spoke with MLive during the Mackinac Policy Conference Thursday.

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"It's either the customer pays more or we maybe could lose the business".

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.

Goldman Sachs in March that estimated that the tariffs would boost inflation by less than half a percentage point. "There is no longer a very precise date when they will be concluded", Ross said Thursday.

He signed-off the new tariffs surrounded by USA steel workers who are supportive of his decision.

25 per cent on imported steel, 10 per cent on aluminium - would take effect Friday.

This is the logic that makes mutually ruinous trade wars, once started, so hard to control.

According to UK Steel - the body which represents steel producers across the country - 7% of steel exports go to the United States, worth £360m.

United Kingdom business lobby group the CBI also called the tariffs "deeply concerning" while calling on the parties to be cautious, given the potential costs of a trade war. "As we have said, we will always stand up for our workers, and today we're announcing retaliatory measures to this attack on our industry".

As well as facing new tariffs, European steel producers face a double blow as steel that would have been bound for the USA floods into Europe. Like Trump, Hatch is a member of the Republican Party.

He said: "The administration will need to come to Capitol Hill to provide answers about the indiscriminate harm these tariffs are causing our local businesses".

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