Economy

Reaction to Trump's steel tariffs: 'What happens to Gus's Pizza?'

Reaction to Trump's steel tariffs: 'What happens to Gus's Pizza?'

Trudeau wrote on Twitter: "American tariffs on Canadian aluminum & steel are unacceptable".

'We absolutely do not rule out counter-measures.

The European Union immediately threatened retaliatory measures, as well as continuing its appeal to the World Trade Organisation dispute.

The United States negotiated voluntary export limits with several other friendly nations, including South Korea, Argentina, Australia and Brazil.

Macroeconomic Advisers, a research firm focused on the USA economy, reported Wednesday that the United States trade deficit in goods was "much narrower than expected", implying "substantially more" U.S. exports in the second quarter. Those exemptions will expire at midnight tonight.

"We think it's absurd that Canada is considered in any way a security risk, so that will be very clearly stated by me", said Morneau, who attended Mnuchin's wedding previous year and said he considers the Treasury Secretary a friend. This Russia-bashing has to be brought to an end'.

In a sternly-worded statement, he added that the European Union would "not negotiate under threat". 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.

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"The overwhelming objective is to level the playing field", Ross said, adding that U.S. goals include getting rid of trade barriers, protecting intellectual property and stopping forced technology transfers.

The Trump administration launched a national security investigation last week into vehicle and truck imports, using the same 1962 law that he has applied to curb incoming steel and aluminum. Products hit by this could include American-made blue jeans, bourbon, and motorcycles.

He added that no reprisals over the measure will have an impact on the American economy.

"The decision to impose tariffs is unexpected and unfortunate in the case of Canada and Mexico", said Bill Reinsch, senior adviser at the Washington-based Center for Strategic and International Studies.

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

And no matter what, American companies will still need to import steel and aluminum.

"Trade wars quickly become war, full stop", Macron said.

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Ross said talks with the European Union had failed to reach a satisfactory agreement to convince Washington to continue the exemption from the tariffs imposed in March.

"For every one job in the USA steel industry that could be protected by this tariff, there are about 80 jobs in manufacturing industries that use steel".

Beyond semantics, Alden said the decision to impose tariffs would cause major economic disruptions across Europe and North America.

Commerce Secretary Wilbur Ross announced this morning that the US 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.

But he added: 'Unfortunately it is not a situation that lends itself to a silver bullet of simply imposing tariffs or quotas on China itself'.

Economists are of the view that tariffs on steel and aluminium imports could help local producers of the metals by making foreign products more expensive, however, they might not be beneficial to the United States manufacturers.

MEP Manfred Weber, an ally of Angel Merkel, last night promised a firm reaction from the EU.

Trump pushes ahead with metals tariffs against EU, Canada and Mexico
Tariffs on steel and aluminum imports to the USA can help local producers of the metals by making foreign products more expensive. The European Commission says it will retaliate with duties on USA exports, including denim jeans, drinks, and peanut butter.

Donald Trump's long-standing promise to use import tariffs to try to revive the United States steel and aluminum industry was opposed by U.S. economists, labor experts, and even the industries themselves-but the White House did it anyway. Republican politician Kevin Brady said: 'These tariffs are hitting the wrong target'.