European leaders plan to hit back against Trump's steel and aluminum tariffs

Trump to hit EU, Canada and Mexico with steel and aluminium tariffs

Trump's announcement lifted American steel and aluminum stocks because those companies stand to benefit from penalties against their foreign competitors.

The Trump administration slapped new steel and aluminum tariffs on Europe, Canada and Mexico Thursday morning after President Trump issued a proclamation from the White House laying out the terms.

And despite the picking and choosing of which allies that the USA decides to slap with these tariffs, Ross defended the US legal justification that they are being implemented under law meant to protect USA national security.

Public Services and Procurement Minister Carla Qualtrough disagrees with the US administration's reasoning for imposing the tariffs.

"Today, France and the European Union disapproves, of course, these measures", France's junior trade minister Jean-Baptiste Lemoyne told reporters in Paris.

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NAFTA negotiations are "taking longer than we had hoped". Steffen Seibert, a German government spokesperson, also called the tariffs "unlawful".

'Tariffs on steel and aluminum imports to the US can help local producers of the metals by making foreign products more expensive.

Finally, talks to revise the North American Free Trade Agreement remain unresolved. Boeing and Caterpillar were losing 1.1 and 1.2 percent, respectively.

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. "We should build on our success in overhauling the nation's tax code with complementary trade policies that, rather than favoring one narrow industry, make all sectors of the USA economy more competitive". But if there are no exemptions, she said, "We will respond in an intelligent, decisive and joint way", Merkel said in Lisbon.

Canada, Mexico and Europe had been exempted until June 1 from import duties of 25 per cent on steel and 10 per cent on aluminum when they were first imposed in March. But they can also increase costs more broadly for USA manufacturers who cannot source all their needs locally and have to import the materials.

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After months in which it appeared the Trump administration had been backing away from tariffs amid infighting between the president's top economic advisers, Washington has over the past week ramped up its threats on trade.

French President Emmanuel Macron, meanwhile, called the move was illegal. Shares of BMW (BMWG.DE), Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE) fell.

President Donald Trump had announced the tariffs in March, citing national security concerns. Ross denied this impression and said that there has been transshipment of Chinese steel and aluminum.

Potentially massive. The world is now closer to a full-scale trade war than at any time since the 1930s, when the American Smoot-Hawley tariff prompted a domino effect among other industrialised nations. The U.S. said the exemptions granted Canada and Mexico were linked to the ongoing NAFTA negotiations.

Friction between the United States and its trading partners have roiled financial markets, especially after President Donald Trump in March made a decision to impose the metal tariffs.

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"We must work with the United States of America to find a way out of this current scenario that preserves our economic links, and we will continue working urgently with the U.S. Administration to protect British trade, jobs and growth", says Digby.

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