Fears of trade war as large USA steel tariffs take effect


And Mexico said it would impose retaliatory duties on a variety of United States goods, including steel and a host of agricultural goods such as pork, apples and cheese. Ross offered little detail about what the enumerated states could do to have the tariffs lifted. EU members have given broad support to a European Commission plan to set duties on 2.8 billion euros ($3.4 billion) of US exports if Washington ends tariff exemptions. Europe and Mexico pledged to retaliate quickly, exacerbating trans-Atlantic and North American trade tensions.

Trump had offered the two US neighbors a permanent exemption from the steel and aluminum tariffs if they agreed to USA demands on NAFTA.

"Canada is a secure supplier of steel and aluminum to the US defence industry, putting aluminum in American planes and steel in American tanks", Trudeau told a news conference in Ottawa, where he and Foreign Affairs Minister Chrystia Freeland outlined retaliatory tariffs of their own.

She added that "the economic recovery that we have seen lately, notably in the European Union, but also globally, risks of course to be diminished by this".

The defence industry in both countries are easily among some of the world's largest steel and aluminum consumers; indeed, it was hard to find a spot on the convention floor where a firm wasn't showing off a tank or ship made of steel or a plane made of aluminum.

"It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7", said Le Maire, who called the tariffs unjustified.

Trump had offered the two United States neighbors a permanent exemption from the tariffs if they agreed to USA demands on NAFTA, but the talks have stalled.

Brussels also lodged an eight-page list of goods it would hit with retaliatory measures, from big motorcycles like the Harleys, to "canoes", "manicure or pedicure preparations" and even "sinks and washbasins, of stainless steel" - the proverbial kitchen sink. Earlier this week, German Finance Minister Olaf Scholz told Reuters that the EU's response to the tariffs must be "clear, strong, and smart".

In a statement, European Commission President Jean-Claude Juncker said "this is protectionism, pure and simple".

Top North Korean official heads to U.S. for pre-summit talks
A three-way summit was proposed by Moon and Kim when they first met at the border village of Panmunjom on April 27, Yonhap said. If the summit takes place, it will be the first ever meeting between a North Korean leader and a sitting U.S. president.

But as part of the efforts to address outstanding trade disputes, Europe will present a complaint before the World Trade Organisation against China's intellectual property practices, it confirmed on Friday.

The 25% tariffs on steel and 10% tariffs on aluminium will begin within the next day.

Temporary exemptions were granted to a number of nations and permanent ones to several countries including Australia, Argentina and South Korea. The metal tariffs will come into force at midnight (04:00 GMT) on Friday.

Trump had originally imposed the tariffs in March, saying a reliance on imported metals threatened national security.

That's how the European Commission's president Jean-Claude Juncker reacted to USA steel and aluminum tariffs on the EU.

"On a long-term basis, if you're raising the price of probably the biggest raw material input in a vehicle, you're going to make any production of vehicles in Canada and the USA less competitive against foreign manufacturers and it might suddenly make Asian imports more attractive to consumers".

And in another leg of Trump's multi-front trade offensive, Commerce Secretary Wilbur Ross arrived in Beijing to continue fraught talks with Chinese officials.

"The US, EU and United Kingdom are close allies and have always promoted values of open and fair trade across the world".

"Trade was discussed in the G7 in the context of risks to global economic growth and it was highlighted by quite a number of participants", Dombrovskis said.