Trump to impose steel, aluminum tariffs on EU, Europe ready to retaliate

Trump to impose steel, aluminum tariffs on EU, Europe ready to retaliate”

A Commerce Department investigation earlier this year determined a need to ensure adequate US steel production capacity to supply the military.

U.S. Commerce Secretary Wilbur Ross said during a call with reporters on Thursday that slow progress on the NAFTA renegotiation is another reason why Canada and Mexico will now be subject to the import tariffs.

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.

French President Emmanuel Macron, who unsuccessfully lobbied against both Trump's tariffs and USA withdrawal from the Iran nuclear deal during his official state visit to Washington last month, criticized the tariffs in a speech on Wednesday as part of a larger "nationalist retrenchment" reminiscent of Europe in the 1930s.

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

They are expected to lead to retaliation from European nations.

"Today is a bad day for world trade", European Union trade chief Cecila Malmstrom said after Thursday's announcement that the tariffs would finally take effect.

Ross said retaliatory measures by Canada and Mexico won't affect the NAFTA talks.

Former U.S. Ambassador to the U.N. Bill Richardson on the potential fallout from President Trump's steel and aluminum tariffs.

Germany has perhaps the most to lose among European Union nations if the spat escalates into a full-blown trade war.

The decision seems purely political, insofar as the Trump administration failed to secure any meaningful concessions from China during the recent trade spat, and so a "win" elsewhere was likely sought after.

"I think that we've all had just about enough of Donald Trump...."

"That Canada could be considered a national-security threat to the United States is inconceivable", said Trudeau, adding that the people of the USA are not Canada's target, and that the federal government would far prefer that its hand not be forced.

Washington and Beijing are set to resume talks on trade this week, and officials promise the final details will be announced on June 15.

The move follows a breakdown in talks the Trump administration's economic team held with European partners in Paris this week and threatens to potentially roil global markets and trickle down to American companies and consumers if the countries carry through with threats of retaliatory actions.

"Unilateral trade tariffs are always a negative sum game", he said on Twitter. It's now tariffs for everybody, including the United States' closest military allies.

"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".

Ross criticized the European Union for its tough negotiating position.

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