Published: Sun, March 11, 2018
Worldwide | By Victor Meyer

European Union to respond to USA tariffs within 90 days if not exempt

European Union to respond to USA tariffs within 90 days if not exempt

Trump signed proclamations Thursday allowing tariffs of 25 percent on steel and 10 percent on aluminum to take effect later this month.

President Donald Trump says he'll hold an afternoon meeting on the steel and aluminum industries.

Most experts agree that China is not moving fast enough to close steel mills and aluminum smelters that it no longer needs because its economy is growing more slowly as it has gotten much bigger.

Japan, the sixth biggest exporter of steel to the U.S., also hit out.

The US would offer temporary relief to Canada and Mexico for 30 days, the Washington Post reported citing senior US officials, breaks that could be extended depending on progress in the ongoing North American Free Trade Agreement negotiations.

"Significant damage in South Korea's steel exports to the United States seems unavoidable", said Mr Paik's statement. "We will be going to be doing a lot of them", Trump said.

The White House said Wednesday that Mexico, Canada and other countries may be spared from tariffs under national security "carve-outs".

Yves-Thomas Dorval, President of the CPQ, wants the government to do everything in its power to ensure tariffs don't hit Quebec's steel and aluminum industries.

American steel and aluminum makers are rebooting stalled plants and calling back hundreds of workers with the expectation that President Donald Trump's proposed tariffs will soon be enacted.

More news: Spy poisoning is latest in string of suspicious cases in UK

Trump today imposed heavy tariffs on imported steel and aluminium which he said were necessary to boost the USA industry suffering from "unfair" business practices, a move that has sparked fears of a global trade war.

"Instead of putting a tariff on the entire world, he could have identified six, maybe eight countries that really are abusive in terms of their pricing", Lynch said.

Beijing has said it was ready to retaliate in the event Chinese companies are hurt but Friday's statement gave no indication of official action.

The tariffs announced today appear to soften what Mr Trump billed last week as a global, "no-exceptions" move to protect the two industries under a 1962 national security trade law. Trump signed an executive order on January 23 which pulled the United States out of the Trans-Pacific Partnership, fulfilling his anti-Free Trade "America First" electoral pledge.

Before the Trump administration's Section-232 investigation, dozens of anti-dumping and countervailing measures had been imposed on nearly all iron and steel products, with some tariffs already nearly prohibitively high.

Trump also emphasized the possibility of remaining "flexible" with individual countries in the new tariff proposals. He has insisted he be able to tout a completed tariffs plan when he campaigns for a Republican congressional candidate in Pennsylvania steel country on Saturday. "We work together. We can not possibly be a threat to national security in the USA, so we are counting on being excluded", she said.

A recent study by the Trade Partnership, a Washington D.C. -based consulting firm, also estimated that Trump's new tariffs on steel and aluminum would result in a net loss of 146,000 after accounting for positive impacts on USA steel and aluminum producers.

"And it is certainly not the right way to include Europe in that because we are friends, we are allies, we work together, we can not possibly be a threat to national security in the USA, so we are counting on being excluded".

Like this: