Here's What Trump's New Steel And Aluminum Tariffs Mean For Canadians

President Donald Trump

President Donald Trump

This comes after US and EU trade officials spent two months trying to reach an agreement to create a tariff exemption for European countries.

The EU said it would take action Friday through the World Trade Organization, setting in motion a process aimed at settling the dispute over the penalties. Besides the United States steel and aluminum tariffs, the Trump administration is also investigating possible limits on foreign cars in the name of national security.

The latest back-and-forth between Trudeau and the White House came as the Trump administration imposed stiff tariffs Thursday on steel and aluminum imports from Canada, the European Union and Mexico, prompting threats of retaliatory duties on US goods.

25 percent on imported steel and 10 percent on aluminum - and said they would take effect Friday. But the exemptions were designed only to be temporary reprieves. Manfred Weber, a key ally of the German chancellor and leader of the biggest bloc in the European Parliament, accused the Trump administration of treating American allies as enemies.

Mexico retaliated nearly immediately against U.S.

Despite Trudeau's claim that Canada had reached an impasse with the U.S.in NAFTA talks, the official said the US would continue to pursue negotiations, acknowledging that a "range of issues remain".

The FTSE 100 has fallen since the news broke but is still just in positive territory, up 0.085 per cent for the day.

"Europe does not want a trade conflict". European Union exports potentially subject to USA duties are worth 6.4 billion euros. This will force them to cut jobs, economists and industry officials say. "Everybody has spats every now and again. One can think about making voters happy by saying, 'I have a victory, I'll change the rules, you'll see'".

The EU's measures will target an as far undisclosed list of United States products "at a level that will reflect the damage caused by the new U.S. trade restrictions on EU products".

Simon Lester, a trade-policy analyst with Cato Institute, also suggested that the president's escalation was pushing the U.S. into risky territory.

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Beyond semantics, Alden said the decision to impose tariffs would cause major economic disruptions across Europe and North America.

"We would like Canada's response to this tariff to be immediate and significant", Galimberti said, adding that the response should "certainly include steel being imported from the United States". Whether with imports of steel, aluminium and cars, or the bilateral relationship with China, at some point the Trump administration may decide to show the world that it is not bluffing. Every year, Canada produces about 13 billion tonnes of steel and 3.2 million tonnes of aluminum.

The Dow Jones Index dropped 250 points on the announcement and fear is growing that similar tariffs will be announced by Russian Federation and China in coming days. Ross told CNBC that the downward move was not substantial and could be the result of many factors.

On Thursday morning, the United States government said that it's about to impose tariffs on Canadian steel and aluminum imports.

Talks with Canada and Mexico over the North American Free Trade Agreement had been "taking longer than we had hoped", he said.

The talks around the monumental trade deal are stalled out, and new tariffs aren't likely to help break the deadlock.

The trade official said that the tariff issue brought additional "noise" to NAFTA negotiations but added that it was significant that Mexico isn't alone in facing increased protectionism from its northern neighbor.

But he had granted an exemption to the EU, Canada and Mexico.

"There are periodic disagreements between any two countries on any given set of topics".

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