European Union to impose measures against 'unacceptable' USA metal tariffs

Trump to impose steel, aluminium tariffs on EU - report

However, later he granted an exemption to the European Union and other United States allies; that reprieve expires Friday. The move marks the Trump administration's most aggressive trade action yet against major US trading partners, which had been fighting for permanent relief.

The EU had said it wouldn't make trade concessions to gain a permanent exemption, and vowed to respond firmly to the imposition of tariffs. News reports say that Trump is determined to keep Germany luxury cars out of the U.S.

Mexico quickly announced it would impose penalties on a list of USA goods. Yet Canada is also, far and away, the largest export market for US steelmakers.

The EU has threatened to retaliate with tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of Republican legislators who they wanted to stand up to Trump.

South Korea negotiated a steel quota, while Argentina, Australia and Brazil have arranged for "limitations on the volume they can ship to the U.S. in lieu of tariffs", Ross said. Though he is unaware of any cancelled plans for investments in Canada, "I haven't seen any major investments announced either", said Joe Galimberti, president of the Canadian Steel Producers Association. Minutes before, prime minister had declared the US measures "completely unacceptable".

Speaking to an energy conference in Brussels as the USA decision was announced, Jean-Claude Juncker urged... 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.

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

Commerce Secretary Wilbur Ross told French daily Le Figaro it would be announced either before markets opened or after they closed.

It didn't take long for the European Union, Canada, and Mexico to hit back at the USA after the Trump administration announced the three key allies would soon be subject to steel and aluminum tariffs. "This is protectionism, pure and simple", Juncker said.

Stephanie Segal, deputy director of the Simon Chair in political economy at the Center for Strategic and International Studies, said Washington's many about-faces meant consensus in the near-term was an increasingly dim prospect. Auto parts makers said that they rely upon global supply chains and sometimes can buy their specialty steel and aluminum from only one or two sources worldwide.

Ross is scheduled to go to China this weekend for a third round of negotiations.

German Chancellor Angela Merkel said the European Union would give a "smart, determined and jointly agreed" response to the new tariffs that she said would break WTO rules. Further action against China has also been announced.

The EU has said it will retaliate by slapping tariffs on a range of high-profile American goods and will start a case against the USA at the World Trade Organisation, which polices global trade.

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