USA allies retaliate against 'unacceptable' steel tariffs

USA allies retaliate against 'unacceptable' steel tariffs

USA allies retaliate against 'unacceptable' steel tariffs

President Donald Trump has imposed tariffs of imports on Chinese steel in a bid to protect US producers.

The EU trade commissioner, Cecilia Malmstrom, said the EU "did everything to avoid this outcome".

The Trump administration has been working on finalizing some version of its trade sanctions on China announced in March that included restrictions on Chinese investment, export controls and 25 percent tariffs on as much as $50 billion in Chinese tech goods.

The extent of the direct damage, however, will depend on how the European Union answers to US tariffs. "For the moment that door is closed", she said.

Europe is the biggest exporter of steel to the United States, accounting for almost 5 million tonnes out of total US imports of about 35 million tonnes a year.

In fact, Commerce Department numbers show, the United States recorded a trade surplus with Canada for each of the past three years. She said if there were no exemptions, "We will respond in an intelligent, decisive and joint way". But the move means Trump will be face-to-face with a number of leaders who have taken retaliatory action against the US when he makes his closely watched Canadian debut at the G7 next week.

The EU and Canada on June 1 lodged complaints against Trump's tariffs with the World Trade Organization (WTO), the first step in the trade dispute process through the Geneva-based arbitrator.

The administration is taking the action under a relatively obscure USA trade law meant to protect national security. Industry body UK Steel said that, with exports to America worth half a billion dollars a year, producers in Britain would be "hit hard".

"This is a bad day for world trade". So it " s not like trade is imbalanced against the United States favor on us".

Sven Anders, an associate professor in food marketing and supply chains at the University of Alberta, said he expects most of the companies producing food on the tariff list would pass along the costs to shoppers because retailers have a lot of power in setting prices and shoppers don't often push back.

"Everyone expressed their complete incomprehension of the American decisions and everyone said it was up to the Americans to take the next step since they were the ones who imposed the tariffs".

President Trump is weighing new protections for domestic automakers, saying American auto workers have "waited long enough". It represents an apparent breakdown in Trudeau's efforts to find common ground with the tough-talking president.

Morneau said he expressed Canada's displeasure with the tariffs during an hourlong meeting with Treasury Secretary Steven Mnuchin on Thursday.

The EU plans to tax things like whiskey and Harley motorcycles as it strikes back at the US.

The government would be examining the impacts of the tariffs on all sectors, including the defence industry, and the best way to support them, he added.

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