U.S. slaps tariffs on EU, Canada, Mexico, Europe News & Top Stories

Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday

Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday

Canada, which is the largest supplies of steel to the United States, has announced retaliatory worth £9.6bn and Mexico said it would match U.S. tariffs by raising duties on its farm and industrial exports.

Canadian Foreign Minister Chrystia Freeland had traveled to Washington on Tuesday to discuss the issue, among other matters, with U.S. Trade Representative Robert Lighthizer. Trudeau says he would still be happy to come down and see the president if there are no pre-conditions set.

"This is the strongest trade action Canada has taken in the post-war era".

Announced in March and predominantly aimed at China, the EU, Mexico and Canada were expected to be granted relief while negotiations continued. Some of the tariffs would hurt the electoral districts of some of President Donald Trump's allies.

"We are deeply disappointed that the USA has made a decision to apply tariffs to steel and aluminium imports from the European Union on national security grounds", a government spokesman said.

"I think this decision is a mistake in many ways because it responds to existing worldwide imbalances in the worst way - by breaking up and creating economic nationalism".

Canada hasn't yet laid out its response, but the United States imports more steel from Canada than any other country in the world - 5.8 million metric tons a year ago alone. "A lot of people taking advantage of us, a lot of countries taking advantage of us, really terribly taking advantage of us".

World economy returns to pre-crisis levels as unemployment drops, OECD reports
It forecasted, however, that the euro-zone's GDP, which grew by 2.5% last year, would increase by 2.2% this year and 2.1% in 2019. At this stage, economists are forecasting the economy expanded by a solid 0.8 per cent in the quarter to 2.7 per cent annually.

Trump had reportedly offered Canada and Mexico, America's two partners in the North American Fair Trade Agreement, an exemption from the tariffs if they agreed to his demands concerning the renegotiation of NAFTA. "We continue to be quite willing and indeed eager to have discussions with all those parties", Ross said.

"If any of these parties does retaliate that does not mean there can not be continuing negotiations", Ross said.

Trump seemed to like the idea, Trudeau said. "Highly restrictive on trade!" he wrote. They must open their markets and take down their trade barriers!

"It would be a great pity if we ended up in a tit-for-tat trade dispute with our closest allies". "Do timber and lumber in USA?" Trump tweeted in response.

"We want to be exempt from these tariffs" which were "not compatible" with World Trade Organization (WTO) rules, Merkel told a press conference with Portuguese premier Antonio Costa in Lisbon.

U.S. Commerce Secretary Wilbur Ross says the U.S. will slap tariffs on Canadian, Mexican and European Union steel and aluminium as of midnight tonight. "Our businesses will lose customers, workers will lose jobs, and American consumers will lose family income through higher taxes and higher prices".

"I have argued for the European Union and the U.S. to engage in a positive transatlantic trade agenda, and for the European Union to be fully, permanently and unconditionally exempted from these tariffs", she said.

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