Economy

Trump pushes ahead with metals tariffs against EU, Canada and Mexico

Trump pushes ahead with metals tariffs against EU, Canada and Mexico

Commerce Secretary Wilbur Ross announced this morning that the USA will move forward in implementing steel and aluminum tariffs against the E.U., Canada and Mexico unveiled this past March, rather than extending a previous deadline Friday that had exempted allies from the tariffs.

Edward Alden, senior fellow at the Council on Foreign Relations, told Business Insider that Trump's decision may not technically constitute the start of a trade war.

Tariffs on steel and aluminum imports to the USA can help local producers of the metals by making foreign products more expensive.

The United States is set to announce plans to slap tariffs on European Union steel and aluminum imports as early as today.

It comes a day before an exemption to the planned tariffs is due to expire.

Ross brushed off the EU's threats of retaliation telling CNBC it's a very small percentage of the entire US economy.

China ‘ready to fight’ if USA carries out renewed tariffs threat
The US watchdog said the approvals, and other Trump family business connections to China, "raised potential ethics issues". The Trump administration has already won a WTO trade dispute with China in February.

Ross told a conference call with media this morning that he is looking forward to continuing negotiations.

Friday's deadline for exemptions also affects Mexico and Canada, which are in negotiations with the United States on the North American Free Trade Agreement that Trump has said he wants to revamp, or abandon if the talks fail. But he said those talks were taking longer that "we had hoped".

Canada is expected to retaliate.

European Union trade commissioner Cecilia Malmström said in a press statement: "The US has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU". "They're not mutually exclusive behaviours".

Trump's announcement lifted American steel and aluminum stocks because those companies stand to benefit from penalties against their foreign competitors.

The trade actions have opened the U.S.to criticism that it's burning bridges at a time when Trump is seeking to rid North Korea of nuclear weapons and help stabilize the Middle East.

Hamilton calls for changes in Monaco
More so because of the nature of Monaco, where overtaking is next to impossible. "He was stronger there and I couldn't follow". Hamilton has won the past two races and leads the championship by 17 points ahead of Vettel, who won the opening two races.

The imposition of steel and aluminum tariffs do not occur in a vacuum. Some observers say a G6-plus-one scenario is already shaping up, with Trump as the outlier.

When asked about the possibility of escalating tensions, Ross said it would be up to the other countries to respond in kind to the president's decision Thursday.

"Global trade is not a gunfight at the OK Corral", France's finance minister quipped after meeting U.S. Commerce Secretary Wilbur Ross. "This is protectionism, pure and simple", Juncker said.

The European Commission says it will retaliate with duties on USA exports, including denim jeans, drinks, and peanut butter. Canada and its European allies have spent recent days making a concerted effort to head off the move.

The tariffs directed at some of the U.S.'s most ardent allies represented the latest move in Trump's "America First" agenda that has roiled financial markets and raised the specter of a trade war involving the U.S., China and some of the globe's most dominant economies.

Trudeau spoke with Trump by phone earlier this week. Both parties had previously said that tariffs would be put on hold as talks continued.

Ex-Piston Thomas: LeBron a 'much better' player than Jordan
Boston was 7 for 39 from 3-point range, with Rozier missing all 10 of his attempts. Tatum's 351 points this postseason was one short of Abdul-Jabbar's record of 352.

The report follows the national security investigation into auto and truck imports launched last week by the administration to determine if they "threaten and impair the security" of the country.


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