Thursday, 18 October, 2018

It's on - 25-per-cent steel tariff to take effect at midnight

The European Commission has said the EU should be permanently exempted from the tariffs The European Commission has said the EU should be permanently exempted from the tariffs
Scott Davis | 01 June, 2018, 19:16

He has argued that global oversupply of steel and aluminium, driven by China, threatens USA steel and aluminium producers, which are vital to the US.

Former British trade minister Francis Maude has condemned the United States' decision to impose tariffs on steel and aluminum imports as "stupid" and counterproductive.

Mr Ross said talks had not made enough progress to warrant a further reprieve either for Europe or for Canada and Mexico, which are in negotiations with the United States over North America's free trade agreement.

"We regret that. We would much rather move together in partnership", he said. "There is no longer a very precise date when they may be concluded and therefore they were added into the list of those who will bear tariffs". Germany, meanwhile, would continue to stand up for free trade around the world, he said.

The United States used 5.5 million tonnes of aluminum previous year, largely imported from Canada, but only produced about 700,000 tonnes domestically. In this photograph, stored rolls of steel are seen outside the ArcelorMittal Dofasco plant, an integrated steel producer, in Hamilton, Ontario, Canada, March 7, 2018.

Negotiations with Europe had "made some progress" but not enough for additional exemptions, the commerce secretary said in a conference call from Paris.

If you're building a new house or renovating an existing one, you can expect it be more expensive as the cost of raw materials goes up.

Germany's Economy Minister said early this morning that the European Union might look to coordinate its response with Canada and Mexico.

Crisis talks to avert an open trade war continued until the last minute before the announcement. Shares of industrial heavyweights Boeing and Caterpillar both fell, with Boeing down 1.7 percent and Caterpillar down 2.3 percent.




European Union foreign policy chief Federica Mogherini said Friday: "We are living in times of geopolitical turbulence, and uncertainties, so the cooperation between European Union and China becomes even more important". Steffen Seibert, a German-government spokesman, also called the tariffs "unlawful".

Mr. Trump took to Twitter Friday morning to falsely claim that Canada has a "really high" trade surplus with the USA; according to the U.S.'s own numbers, Canada actually ran an $8.4-billion trade deficit with the US previous year.

"The US has agreed on a range of measures with Argentina and Australia, including reducing excess aluminium production and excess aluminium capacity, measures that will contribute to increased capacity utilisation in the United States, and measures to prevent the trans-shipment of aluminium articles and avoid import surges", Mr Trump wrote in a proclamation on Thursday.

EU Commission spokesman Margaritis Schinas said Thursday the European side is "ready to deal with any kind of scenario, and to defend the EU interests and worldwide trade law".

The administration's move threatens to inflate prices for U.S. consumers and companies and heighten uncertainty for businesses and investors across the globe.

"It is a sad day for worldwide trade", Guajardo said.

This morning, Mexico announced tariffs on US goods in retaliation while the European Union promised to do the same.

Europe, Canada and Mexico say that as close allies of the United States they should receive exemptions from the measures.

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