USA tariffs on steel, aluminum coming at midnight

USA tariffs on steel, aluminum coming at midnight

USA tariffs on steel, aluminum coming at midnight

That exemption was due to expire on Friday.

The White House has announced that it will stop giving exemptions to steel and aluminum tariffs for the European Union, Mexico, and Canada.

Earlier, in March, Trump had announced that United States would impose a 25 per cent tariff on imported steel and a 10 per cent tariff on imported aluminium for security interests.

United States tariffs on steel and aluminium imports from allies in Europe and North America are "disappointing" and "absurd", the UK trade secretary says. The EU would respond with "all necessary measures" if the United States imposed them.

"What they can do, we're able to do exactly the same", he said.

Mexico quickly announced it would impose penalties on a list of US goods.

UK Steel said the tariffs will "see damage not only to the UK steel sector, but also the USA economy".

It prompted threats of retaliation from the European Union on USA products before the policy was abandoned.

The European Union has previously said if Trump moved forward with his threat then the EU could in turn slap tariffs on products like peanut butter, orange juice and other goods.

In response, Chrystia Freeland, Canada's Minister of Foreign Affairs, said that as the number one customer of American steel, "Canada would view any trade restrictions on Canadian steel and aluminum as absolutely unacceptable".

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But EU Trade Commissioner Cecilia Malmstrom has repeatedly refused to "negotiate under threat" and reiterated the position today, saying: "That is not the way we do business".

"Over the past months we have continuously engaged with the U.S. at all possible levels to jointly address the problem of overcapacity in the steel sector", says European Commission President Jean-Claude Juncker. Accordingly, despite the historical precedent for unilateral, protectionist trade measures to result in a weaker US Dollar, market participants are seemingly unmoved by the latest developments.

Governments planning such responses try to be "focused and proportionate", Laura Dawson, director of the Canada Institute at the Washington, D.C. -based Wilson Centre said in March, when Trump first mused about imposing steel and aluminium tariffs.

In March, Trump imposed a 25% tariff on steel imports and a 10% tariff on aluminium, but granted temporary exemptions to the EU, Canada, Mexico, Brazil, Australia and Argentina.

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".

Tata Steel has urged the EU to take "swift and robust action" in response to a U.S. decision to impose a 25% tariff on European steel.

The decision, which comes just days after Trump broke a cease-fire in an escalating trade dispute with China, is certain to inflame relations and invite retaliation. "There is no longer a very precise date when they will be concluded", Ross said on Thursday. "This is protectionism, pure and simple", Juncker said.

"Without a strong economy, you can't have a strong national security", Ross said.

He reiterated the USA concerns over the indirect flow of cheap Chinese steel into the US through other countries.

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