European Union declares dark day for trade as Trump slaps steel tariffs

Canada to impose tariff 'countermeasures' on US

Then again, at May-end, Washington announced a 25% tariff on $50 billion worth of goods from China and imposed new limits on Chinese investments in the United States (read: Trump, Tariff & Geopolitics Lead May: 10 Top ETF Stories). The United States and China are poised to impose tariffs on up to $200 billion worth of each other's goods in a battle over Beijing's strong-arm efforts to overtake US technological supremacy.

She said: "This is further weakening the transatlantic relations and it also increases the risk of severe turbulences in the markets globally".

Mexico also has announced retaliatory measures in response to the new US tariffs.

On Thursday, Trudeau announced that the country would impose its own tariffs on United States" goods in retaliation to Washington D.C."s steel and aluminium tariffs.

"This is (going to have) significant consequences", Qualtrough said on the sidelines of the trade show after a breakfast address in which she provided an update on several major military procurement projects.

European Commission President Jean Claude Juncker said President Trump's tariffs were "totally unacceptable".

The EU - along with Canada and Mexico - are now receiving a temporary exemption which expires Friday.

The trade actions have opened the U.S.to criticism that it's burning bridges at a time when Trump is seeking to rid North Korea of nuclear weapons and help stabilize the Middle East.

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European Union chief Jean-Claude Juncker said the 28-nation bloc "will announce in the next coming hours counter-balancing measures" in response to the United States action.

After years of trade agreements that bound the countries of the world more closely and erased restrictions on trade, a populist backlash has grown against globalization.

Sven Anders, an associate professor in food marketing and supply chains at the University of Alberta, said he expects most of the companies producing food on the tariff list would pass along the costs to shoppers because retailers have a lot of power in setting prices and shoppers don't often push back. He promised that his government will work to protect Canadian steel and aluminum workers. Trudeau and Trump had plans to meet to discuss the details.

"We have to respond strongly to it and make it clear to him that we're not susceptible to the intimidation and the threats and the bullying that he's putting in place".

The European Union on Friday formally set in motion its trade retaliation against the United States tariffs, filing a request for consultations at the WTO, which oversees disputes on global trade. It's not always easy to match a specific product to a specific tariff or to keep up with which products from which countries are facing, say, special anti-dumping duties. It has also filed its own complaint about the U.S. tariffs at the WTO.

"This particular sector of our economy relies really heavily on those products", said defence analyst David Perry of the Canadian Global Affairs Institute.

Mr Trump had campaigned for president on a promise to crack down on trading partners who he said exploited poorly negotiated trade agreements to run up big trade surpluses with the US.

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