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European Union to impose measures against 'unacceptable' United States metal tariffs

31 May, 2018, 22:55 | Author: Lawrence Cooper
  • Trump to hit EU, Canada and Mexico with steel and aluminium tariffs

She calls the US measures illegal and counterproductive.

Shares of USA steel and aluminum producers gained on Thursday after the Trump administration moved ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending a two-month exemption.

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.

The United States used 5.5 million tonnes of aluminum a year ago, largely imported from Canada, but only produced about 700,000 tonnes domestically.

"Over the last couple of months I have spoken at numerous occasions with the US Secretary of Commerce".

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". The price of hot-rolled steel has risen above US$890 per tonne, up from $745 per tonne prior to the tariff announcement and almost double the price before Trump was elected.

Germany's foreign minister Heiko Mass called the tariff decision unlawful.

Despite the initial plan to exempt North American nations from the tariffs, the administration unveiled the new guidelines after failing to win specific trade deals with both Canada and Mexico. Boeing and Caterpillar were losing 1.1 and 1.2 percent, respectively.

"We are deeply disappointed that the USA has chose to apply tariffs to steel and aluminium imports from the European Union on national security grounds", a government spokesman said.

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The U.S. Beer Institute says its members, which includes Denver and Montreal-based Molson Coors Brewing Co., are united against the tariffs on imported aluminum. Although Germany is the eighth largest source of steel imports for the United States, the USA market amounts to a low single-digit percentage of the overall German steel industry.

Not even the US's closest allies can avoid being caught in President Donald Trump's escalating trade battles. That share prices of BMW, Daimler and Volkswagen.

The statement criticised the USA use of a national security justification as "improper" and said the tariffs will affect key United States industries, including the automotive, aerospace and electronics sectors.

France's Finance Minister Bruno Le Maire had met with Ross on Thursday in a bid to end the stand-off over steel and aluminum, a move that ultimately failed to sway the U.S. administration.

US Treasury Secretary Steven Mnuchin is due to hold meetings with his European counterparts to discuss President Donald Trump's confrontational trade agenda, officials said.

He said a trade war would hurt growth everywhere, and argued for abiding by global rules instead.

Former U.S. Ambassador to the U.N. Bill Richardson on the potential fallout from President Trump's steel and aluminum tariffs. "We continue to work closely with our European Union partners and will consider carefully the EU's proposals in response".

The EU's retaliatory measures are set to come into force on June 20, and will hit €2.8 billion worth of products with tariffs of 25 per cent.

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