Economy

United States to slap tariffs on steel, aluminium from European Union on Thursday

United States to slap tariffs on steel, aluminium from European Union on Thursday”

Canada has crafted a retaliation plan that would involve USA steel and aluminum and other politically sensitive products, sources briefed on Ottawa's strategy said. Canada is the biggest supplier of both metals to the United States, with the value of shipments close to $20-billion annually.

On any potential Canadian response, Mr. Ross said: "We shall have to see what's their reaction".

The decision sparks new concerns of a trade war with three of the United States' most important trading partners.

The Globe and Mail reports that U.S. President Donald Trump plans to impose the duties as soon as today citing reports from the Washington Post and a senior Canadian official.

The European Commission, which coordinates trade policy for the 28 EU members, has said the bloc should be permanently exempted from the tariffs since it was not the cause of overcapacity in steel and aluminum.

Ross claimed the USA had used "every single public speaking engagement" to signal that "we're prepared to engage with the European Union". "We will respond. And we will respond appropriately".

Commerce Secretary Wilbur Ross said the tariffs would be 25 percent on steel and 10 percent on aluminum as the administration followed through on the penalties after earlier granting exemptions to buy time for negotiations.

"If any of these parties retaliate that does not mean that there can't be continuing negotiations", Ross told reporters.

The US administration has been trying to increase pressure on the European Union to force it to negotiate tariffs. The United States rejected the offers.

Trump's tariffs come amid a global glut in steel and aluminum which experts blame on over-production in China. She spoke with him again later by telephone, but left the US capital on Wednesday morning empty-handed.

U.S. President Donald Trump is placing steel and aluminum tariffs on Canada, effective midnight tonight. The Americans also pressed for a quota on the amount of steel and aluminium Canada could ship to the United States.

EU Commission spokesman Margaritis Schinas said Thursday the European side is "ready to deal with any kind of scenario, and to defend the EU interests and global trade law".

Prime Minister Justin Trudeau lobbied Mr. Trump directly by telephone last week, and contacted Vice-President Mike Pence on Tuesday.

Earlier this month, European Union leaders said they were open to discussions on restructuring current tariffs on US goods, but only if they were granted a permanent exemption from steel and aluminum tariffs.



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