Published: Thu, May 31, 2018
Finance | By Jaime Brady

Mexico Hits Back At Trump With Tariffs On US Goods

Mexico Hits Back At Trump With Tariffs On US Goods

The Wall Street Journal reported on Wednesday that Washington would allow the European Union exemption to expire, after weeks of talks failed to yield a compromise, such as a quota arrangement.

"Canada is a secure supplier of aluminum and steel to the US defense industry, putting aluminum in American planes and steel in American tanks", Trudeau said.

Shares of USA steel manufacturers were jumping in early trading Thursday after The Wall Street Journal reported that President Donald Trump was ready to announce tariffs on European Union, Mexican, and Canadian steel imported into the country.

U.S. Commerce Secretary Wilbur Ross said the decision was based on the lack of progress in the ongoing NAFTA talks.

The trading partners are expected to retaliate, and have threatened to impose tariffs on USA exports. "This is not an action against them, it's simply an action to defend our industries as President Trump said he would".

European officials, bracing for the tariffs, have threatened to retaliate against USA orange juice, peanut butter, kitchenware, clothing and footwear, washing machines, textiles, whiskey, motorcycles, boats and batteries. The US wants to use tariffs as a bargaining tool for other negotiations.

The U.S. administration launched a national security investigation last week into auto and truck imports, using the same 1962 law that he has applied to curb incoming steel and aluminium. Trump has reportedly previously expressed to Trudeau his concern that Chinese steel was being laundered through Canada, a belief the Prime Minister has challenged.

The EU has threatened to impose retaliatory tariffs on United States cranberries, peanut butter, whisky, denim and other popular goods if the U.S. makes good on its tariff threat.

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The European Commission's president, Jean-Claude Juncker, said Trump's decision amounted to trade protectionism and that Europe would respond with countermeasures.

"We will always protect Canadian workers and Canadian interests".

The Trump administration imposed the duties on imports from most other US trading partners earlier this year to stem a flood of cheap steel and aluminum into the country.

German Chancellor Angela Merkel said the European Union would give a "smart, determined and jointly agreed" response to new U.S. tariffs that she said would break World Trade Organization rules.

He said trade talks with the European Union had also been fruitless.

The proclamation means that steel and aluminum tariffs of 25 and 10 percent, respectively, temporarily delayed for these and various other countries, will now be imposed on the EU, Canada, and Mexico.

Malmström added the EU's response will be "proportionate and in accordance with WTO rules", and the "US measures clearly go against agreed worldwide rules".

"By targeting those who are not responsible for over capacities, the U.S. is playing into the hands of those who are responsible for the problem", said Juncker. "One can think about making voters happy by saying, 'I have a victory, I'll change the rules, you'll see'".

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