White House revives steel and aluminium tariffs against EU

White House revives steel and aluminium tariffs against EU

White House revives steel and aluminium tariffs against EU

Freeland is making the announcement alongside Prime Minister Justin Trudeau following word from the White House that the USA will slap tariffs on Canadian, Mexican and European Union steel and aluminium as of midnight tonight.

The European Union will launch a case at the World Trade Organization against a US move to put new import tariffs on EU steel and aluminum, Trade Commissioner Cecilia Malmstrom said in a statement.

President Donald Trump on Thursday announced new duties on steel and aluminum imports from the European Union, Canada and Mexico.

The Canadian tariffs involve 25 percent on steel and 10 percent on aluminum, or as much as C$16.6 billion ($12.8 billion) of USA imports, which also includes miscellaneous items such as playing cards, inflatable boats and yogurt. "This is protectionism, pure and simple".

The tariffs, which have prompted several challenges at the WTO, are aimed at allowing the USA steel and aluminium industries to increase their capacity utilization rates above 80 percent for the first time in years.

The director of UK Steel, Gareth Stace, said he feared there was clear potential for a damaging trade war.

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

Ross offered little detail about what the EU, Canada and Mexico could do to have the tariffs lifted. "Now that we have clarity, the EU's response will be proportionate and in accordance with WTO rules".

Canada will hold 15 days of consultations on the countermeasures. 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.

"We are alienating all of our friends and partners at a time when we could really use their support", said Wendy Cutler, a former USA trade negotiator who is now vice president at the Asia Society Policy Institute.

Brigitte Nielsen pregnant with fifth child at age 54
Not only is this Brigitte's fifth pregnancy, but she's also been married five times, so maybe 5 is her lucky number! She posted another photo of herself with her hand on her belly and wrote, "happy time. positive vibes".

The Houston Rockets Died By The 3 Against The Warriors
LeBron James is averaging 34 points and 8.8 assists while Kevin Love is averaging 13.9 points and 10 rebounds. Some would argue that signing LeBron would be a bad idea because he's getting older, I would say who cares.

LeBron James Says Jayson Tatum Is "Built For Stardom" After Poster Dunk
To come into the Garden, with all the history that's here, to win on their floor Game 7, to go to a Finals, couldn't be better. It was the first time the road team won in this series and the first time the Celtics had lost at home all playoffs.

German Chancellor Angela Merkel stressed her opposition even before the US announcement, saying the looming tariffs were incompatible with WTO rules.

The U.S. administration also launched a national security investigation last week into vehicle and truck imports, using the same 1962 law it has applied to curb incoming steel and aluminum.

The UK government said it was "deeply disappointed" by the decision, adding that the UK and other European Union countries were close allies of the USA and should be "permanently and fully exempted" from the tariffs.

The Bush administration introduced steel tariffs in 2002 which lasted for 20 months. And Arkansas-based Big River Steel is considering a $1.5 billion facility expansion at an existing manufacturing plant in its home state of Arkansas, according to reports.

"It is a sad day for global trade", Guajardo said.

Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.in exchange for being spared the tariffs, the Commerce Department said.

"We will now see damage not only to the United Kingdom steel sector, but also the USA economy".

The statement added that Mexico has repeatedly indicated that these types of measures taken on national security grounds "are not appropriate or justified" and underscored that it is the biggest importer of United States aluminum and the second biggest purchaser of USA steel.

Stocks in the U.S. fell as the administration ignored the pleas from business lobbying groups including the U.S. Chamber of Commerce to forego tariffs.

Related news