Europe condemns Trump steel tariffs

Europe condemns Trump steel tariffs”

That in itself would be nothing new, but the targets of these tariffs were what made Trump's announcement surprising.

"European steel and aluminium exports to the United States can not be seen as a threat to their internal security".

"It would be a great pity if we ended up in a tit-for-tat trade dispute with our closest allies".

Tariffs will be next. Does anyone see the irony of using the need for a strong economy as a justification for tariffs? U.S. denim, bourbon, motorcycles, peanut butter, motor boats and cigarettes are also in the firing line.

The Canadian government said they were targeting 16.6 billion Canadian dollars, or roughly $12.8 billion USA dollars.

Canadian Foreign Minister Chrystia Freeland said the U.S. had imposed the tariffs under a "false pretext of safeguarding United States national security" and added that "Canada will closely collaborate with the European Union" on challenging the tariffs at the WTO.

Brussels has lodged an eight-page list at the World Trade Organization of goods it would hit with retaliatory measures.

It could take years for the European Union to implement its full response.

The Canadian government released two lists of USA products, proposing a 25 per cent tariff on the first list and 10 per cent on the second.

Europe hit back at the U.S. after President Donald Trump slapped tough tariffs on European steel and aluminium earlier this week. If the WTO has not issued a ruling within three years, the tariffs could be implemented unilaterally.

She said: "The US, EU and United Kingdom are close allies and have always promoted values of open and fair trade across the world".

The Dow Jones Industrial Average and S&P 500 index rebounded from losses on Thursday to trade about 1 percent higher. That could spark another round of escalation.

"The US is playing a risky game", Malmström told reporters". We are not seeking to escalate the situation. We do not have any other choice but to respond.

While the tariffs being higher than expected could certainly have ramifications for U.S. businesses, experts say they would be permitted under global law.

Washington angered its major allies by slapping duties of 25% and 10% on imports of aluminium and steel.

Temporary exemptions were granted to a number of nations including Canada and Mexico as well as the EU.

United States and China announced a $50-billion import tariff on each other, only to put the war "on hold" for a while.

The Mexican government plans to retaliate with comparable penalties on U.S. products including lamps, pork, fruit, cheese and flat steel.

European Union leaders also said they will be taking the the World Trade Organization (WTO) "trade court" in an attempt to have Mr. Trump's policy declared illegal under worldwide rules.

The idea that the Canadian steel that's in military, military vehicles in the United States, the Canadian aluminum that makes your, your fighter jets is somehow now a threat?...

"In response to these measures, Canada intends to impose surtaxes or similar trade-restrictive countermeasures against up to C$16.6 billion in imports of steel, aluminum, and other products from the USA, representing the value of 2017 Canadian exports affected by the U.S. measures", Canada's government wrote on its official website.

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