Canada Retaliates With Tariffs on $12.8 Billion of U.S. Goods

01 June, 2018, 20:31 | Author: Charlene Valdez
  • Map showing top sources of US steel imports

Mr. Trump, in his proclamation announcing the new tariffs, said he did it to protect national security.

There has been strong condemnation overseas and in the US.

Some countries - including Argentina, Australia, Brazil and South Korea - agreed to restrict exports of metals and were exempted, but Ross said the EU, Canada and Mexico were not there yet.

The UK's Secretary of State for International Trade Liam Fox told Sky News it, too, is considering retaliatory measures and joining the EU's complaint with the WTO.

President Donald Trump had announced the tariffs in March.

"And nationalism is war. That is exactly what happened in the 1930s", the French President said, vowing that the European Union would respond "in a firm and proportionate manner".

He added that Europe will respond with "counterbalancing measures" soon.

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Asked whether the company could cut its costs by 20% to maintain its competitiveness, Mr Ellis said: "We can't do that".

And Ross also said there's still scope for negotiations with Canada, Mexico and the European Union that could reduce or eliminate the tariffs.

Mexico will target the U.S. agricultural sector for tariffs.

Canada's Minister of Foreign Affairs, Chrystia Freeland, said the Trump administration's unilateral trade restrictions violate NAFTA and World Trade Organization rules, and therefore Canada will launch dispute settlement proceedings.

"Today is a bad day for world trade", European Union trade commissioner Cecilia Malmström said in a statement.

The CBI warned the move would "damage prosperity on both sides of the Atlantic". We're at the front door of a trade war. "The fact that we took a tariff action does not mean there can not be a negotiation".

German MEP Bernd Lange, who chairs the European Union's worldwide trade committee, has said the tariffs are "illegal" and insisted the EU would "make some countermeasures, no doubt about". But most of the aluminum Boeing uses is domestically produced.

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According to the German steel industry association, the European market could see an increase of up to 50 percent in steel imports.

From Harley Davidsons to bourbon whiskey, Brussels has vowed to impose tariffs on iconic American products along with steel and aluminum. "Earlier today, this message was conveyed to Prime Minister Justin Trudeau of Canada: The United States will agree to a fair deal, or there will be no deal at all".

However, US industry bodies and also Republican members of Congress have criticised the move as counterproductive.

"This particular action on steel and aluminum is not about unfair trade practices". "At the same time, the Trump Administration's actions underscore its commitment to good-faith negotiations with our allies to enhance our national security while supporting American workers".

U.S. Commerce Secretary Wilbur Ross made the announcement Thursday morning.

Among them are apples, pork bellies and flat steel.

European carmakers fear their industry could be next.

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A temporary moratorium on the tariff was imposed in March for both Canada and Mexico and loosely tied to ongoing talks with the North American Free Trade Agreement but those talks have not yet resulted in an agreement.

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