USA imposes tariffs on metal imports from EU

USA imposes tariffs on metal imports from EU

USA imposes tariffs on metal imports from EU

President Donald Trump's administration has threatened to impose tariffs on vehicle imports, is engaged in negotiations with China to reduce trade deficit and has said it will punish Beijing for stealing its technology.

There has been strong condemnation overseas and in the US.

"This is protectionism, pure and simple".

As fears of a global trade war escalate, all eyes will be on Beijing this weekend.

The 25 per cent tariff on steel and 10 per cent tariff on aluminum will be imposed effective midnight.

The Trump administration has demanded that Beijing make concessions and threatened to punish it for allegedly stealing U.S. technology by imposing tariffs on US$50 billion of imports from China.

But French President Emmanuel Macron appeared to rule this out on Thursday.

The descent into full-scale economic warfare with the Americans had been evident for some time, notwithstanding overly optimistic comments by some observers dismissing Mr. Trump's periodic threats and fits of rage against Canada (and Mexico) as just so much bombast.

She added: "We have no intention to escalate this, the door for dialogue is always open.the ball is in (the US's) court". Shares in both companies fell.

Officials from the three trading partners - among Washington's closest allies for decades - have dismissed the idea that their shipments to American customers endanger the United States - and some prominent Republicans attacked it as wrongheaded.

"I think the key going forward is to take this time to make sure that it works for the parties most directly affected and to get those measures in place as soon as we can", he said.

The CBI warned the move would "damage prosperity on both sides of the Atlantic".

The White House has opted to introduce high metal import tariffs for the European Union, triggering threats from the bloc that it will impose counter-measures. Mogherini acknowledged that "we have some issues" and the European Union would "obviously continue to address" the problem of overcapacity with China. "That has to be done on a political level because the European Commission is also planning other rebalancing measures, it's not only about safeguards", said Axel Eggert, Director-General, European Steel Association (EUROFER).

Sault Ste. Marie has produced steel for more than 100 years, with Algoma Steel being the city's largest private sector employer, and the second largest employer in all of northern Ontario.

The world's two biggest economies have threatened to impose tariffs on up to $US200 billion worth of each other's products.

Production: About 3.2 million tonnes a year.

President Trump's decision to impose the tariffs was provoked by a flood of subsidised Chinese steel on the world market, which has challenged the sustainability of the industry in the West.

Canada and Mexico, embroiled in talks with the United States to modernise the North American Free Trade Agreement (Nafta), responded swiftly. But companies in the US that use imported steel will face higher costs.

Canada, a staunch USA ally, is the largest supplier of steel and aluminium to the US.

Algoma was ready to move out of creditor protection with a potential sale, but some worry that now lenders could use the tariffs as a way to renegotiate the deal.

Labour's Barry Gardiner called for a reaction to United States levies on aluminium and steel from Europe and North America.

Mr Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more United States goods in a bid to cut America's US$375 billion trade deficit with China.

It is the top buyer of USA aluminum and the second-biggest buyer of US steel, Guajardo's ministry said.

Australia is exempt from the tariffs after Prime Minister Malcolm Turnbull secured a deal to avoid the U.S. trade measures in March.

Navarro said it was unfortunate that the USA couldn't come to an agreement with Europe, Canada and Mexico, adding that giving any one country preferential treatment would result in a significant increase in domestic production of steel and aluminum in that country.

Mexico announced what it described as "equivalent" measures on a wide range of U.S. farm and industrial products.

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