Trump Administration will put Steel and aluminum tariffs on Canada, Mexico and the EU
- The Trump administration is putting steel and aluminum tariffs on U.S. allies Canada, Mexico and the European Union.
- Those entities had been exempt from the 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports.
- The European Union immediately said it would impose countermeasures in response to the U.S. actions.
Unable to win concessions from from its trading partners ahead of the Friday deadline, the US has introduced tariffs on steel and aluminum imports from Canada, Mexico and the European Union.
The new 25 percent tariff on steel imports and 10 percent tariff on aluminum imports from the EU, Canada and Mexico come into force at midnight (04:00 GMT, Friday), according to US Commerce Secretary Ross.
Confirming expectations, Wilbur Ross announced the steel, aluminum tariffs expemptions were lifted on EU, Mexico, and Canada. This prompted angry responses from the head of the EU bloc’s executive Jean-Claude Juncker who said that the European Union will impose counter measures immediately.
“This is a bad day for world trade,” Juncker said in a speech in Brussels.
“So we will immediately introduce a settlement dispute with the WTO and will announce counter balancing measures in the coming hours.”
“It is totally unacceptable that a country is imposing unilateral measures when it comes to world trade.”
US Stocks slumped on the news…