EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.

President Donald Trump announced in March that the United States would slap a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum citing national security

President Donald Trump announced in March that the United States would slap a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum citing national security

Trudeau's comments came after President Donald Trump enacted the most severe economic penalties he has imposed to date against US allies, establishing tariffs on steel and aluminum imports from Canada, Mexico and the European Union.

"We should prevent a tsunami of cheap, low quality steel flooding the European market, now that it can't make its way to the U.S.", Tata Steel Netherlands director Theo Henrar told Reuters.

FILE - U.S. President Donald Trump is after signing a proclamation to establish tariffs on imports of steel and aluminum at the White House in Washington, U.S., March 8, 2018.

While not confirming directly that the United States would decide to impose tariffs, he said: "It's up to the European Union to decide if it wants to take retaliatory measures".

The Canadian tariffs are set to go into effect on July 1 and stay in place until the United States lifts its own measures, Freeland said, hours after the United States said it would impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union.

Canadian Prime Minister Justin Trudeau said the steel and aluminum tariffs were "totally unacceptable" and a violation of a centuries-old relationship between the USA and Canada.

"We will defend the Union's interests, in full compliance with global trade law".

Mexico: Its government said it would impose "equivalent measures" on United States products - including flat steel, lamps, pork legs and shoulders, sausages and food preparations, apples, grapes, blueberries, various cheeses, and more.

The S&P 500's packaged foods and meats industry sub-index fell 2 per cent, with shares of meat producer Tyson Foods Inc falling 4 per cent, Campbell Soup Co 2.5 per cent and spice maker McCormick & Co Inc 3 per cent.

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The Mexican peso dropped about 1 percent, hitting its weakest level against the dollar in almost 15 months, and the Canadian dollar shed about 0.6 percent.

The EU has threatened tariffs on Harley-Davidson motorcycles and bourbon, measures aimed at the political bases of US Republican legislators.

The European Union has already notified the World Trade Organization of plans to levy duties on $7.2 billion worth of US exports in response, with the aim of collecting $1.6 billion in tariff revenue.

Throughout his presidential campaign, Trump accused China of dumping steel on the United States market - and said previous presidents had made a series of "bad deals" to promote free trade.

The minister says she doesn't believe the tariffs will alter the government's plan to purchase new military gear from the USA because extra money is typically set aside for unexpected circumstances. Mexico was the third largest, behind South Korea.

Mexico and Canada are the state's two biggest trading partners.

Donald Trump is in no doubt that slapping tariffs on European steel imports is the right thing for the USA to do.

Critical over the tough negotiating position of the EU by Ross, German Economy Minister Peter Altmaier thought otherwise and said that the Europeans were willing to negotiate special trade arrangements, notably for liquefied natural gas and industrial goods, including cars. "Those days are over", Trump said late Thursday.

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