USA hits EU, Canada and Mexico with steel, aluminium tariffs

National news sources are reporting that the US has confirmed plans to hit Canada with a 25-per-cent tariff on steel and a 10-per-cent tariff on aluminum imports.

The move is a reaction to the Trump administration's decision to impose tariffs on steel and aluminum from the European Union, Mexico and Canada.

"If any of these parties does retaliate, that does not mean that there can not be continuing negotiations", Ross said. As have been released publicly, those talks are taking longer than we had hoped.

The Dow Jones industrial average fell 1% in morning trade on the stock market today, right above its 50-day moving average. Discussions could then be expanded to include other countries to agree on changes by the end of the year. But they can also increase costs more broadly for USA manufacturers who cannot source all their steel locally and need to import the raw material.

The United States on Thursday said it was pushing ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, setting the stage for a possible trade war with some of America's top allies.

President Trump had announced the tariffs in March, but gave several US allies temporary exemptions while they negotiated potential limits on shipments to the United States.

Europe had promised swift retaliation if it was hit with the trade penalties, and had warned it could quickly respond with 25% tariffs on USA products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter.

The American met Finance Minister Bruno Le Maire earlier today in a last ditch attempt from the bloc to prevent USA tariffs.

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"This will only lead to the victory of those who want less growth, those who don't think we can develop our economies across the world".

"We want to be exempt from these tariffs" which were "not compatible" with World Trade Organization (WTO) rules, Merkel told a press conference with Portuguese premier Antonio Costa in Lisbon.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade". Likely targets are thought to be USA exports of jeans, motorcycles and bourbon.

"These solutions might bring symbolic satisfaction in the short term", Macron said.

By increasing the cost of imported steel and aluminum, companies that rely on the metals will be forced to either accept the higher costs and lower profits or pass on the price increase to consumers.

Europe did not want a trade war, he said, but Washington had to back down from "unjustified, unjustifiable and unsafe tariffs".

Ross is scheduled to go to China this weekend for a third round of negotiations.

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