President Trump plans to impose steel, aluminum tariffs on the European Union

President Trump plans to impose steel, aluminum tariffs on the European Union

According to the Associated Press, French President Emmanuel Macron alluded to Trump's leadership style directly in slamming the pending tariffs in a Wednesday speech.

"Hopefully they can agree to keep talking about these issues, although that is unlikely", he said, adding that Trump's recent actions proved to United States allies that Washington would not de-escalate the dispute.

South Korea negotiated a steel quota, while Argentina, Australia and Brazil have arranged for "limitations on the volume they can ship to the USA in lieu of tariffs", Ross said. There are plenty of tariffs the European Union has on us.

"This is protectionism, pure and simple", he said.

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

In response, Chrystia Freeland, Canada's Minister of Foreign Affairs, said that as the number one customer of American steel, "Canada would view any trade restrictions on Canadian steel and aluminum as absolutely unacceptable".

But the U.S.is pressing ahead nonetheless, a long-threatened tactic sure to cast a pall over the G7 summit Prime Minister Justin Trudeau is hosting next week in Quebec.

The United States, Canada and Mexico have been renegotiating the North American Free Trade Agreement, which governs trade between the three countries.

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.

Canada, Mexico and the European Union were among the countries granted relief while the United States pursued negotiations to address the administration's concerns about the state of domestic steel and aluminum production.

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"The talks are taking longer than we had hoped".

European officials had braced for the tariffs and the EU has threatened to retaliate against USA orange juice, peanut butter and other goods in return.

The administration says the tariffs (25% for steel imports, and 10% for aluminum imports) are being applied because reliance on imports is damaging U.S. "national security".

In a move that is likely to prompt retaliation from Brussels, Ross said talks with the EU had not shown enough progress for European steel and aluminium producers to continue to be exempted from the tariffs.

Such an action could hurt Mexico, Canada, Germany and Japan.

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

"As to Canada, Mexico, you will recall that the reason for the deferral had been pending the outcome of the NAFTA talks".

Canada was the largest exporter of steel to the United States by value past year, according to data from Wood Mackenzie.

Ross said the USA would consider the effect of those measures.

Last week, The Trump administration announced an investigation into whether automobile imports are hurting United States national security, laying the groundwork for another trade fight.

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