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European Union retaliates to Trump's tariffs

31 May, 2018, 22:25 | Author: Shawna Walton
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Barring an 11th-hour reprieve, those exemptions will expire as scheduled.

Although the US market amounts to a low single-digit percentage of German steel industry output, German politicians and industry groups have said they are concerned that tit-for-tat measures could end in damaging tariffs on foreign automobiles, an outcome that Trump has repeatedly threatened.

Mr Ross counselled strongly against imposing retaliatory measures on USA imports if American President Donald Trump goes ahead with his promise to impose hefty tariffs on European steel and aluminium to protect USA consumers.

US Commerce Secretary Wilbur Ross, who announced the tariffs, said in an interview on Thursday that any retaliatory measures are unlikely to have much impact on the US economy.

"We are alienating all of our friends and partners at a time when we could really use their support", said Wendy Cutler, a former USA trade negotiator who is now vice-president at the Asia Society Policy Institute. The European Union would respond with "all necessary measures" if the United States imposed them.

"I think that we've all had just about enough of Donald Trump...."

Pittsburgh-based U.S. Steel has announced plans to restart one of two blast furnaces and rehire workers at its Granite City Works outside St. Louis, Ill.

On Twitter, Manfred Weber, the leader of the European People's Party in the European Parliament said Europe had "no choice" but to defend itself. Hurting US manufacturers even further, the countries hit by the tariffs will also tax imported US products.

Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.in exchange for being spared the tariffs, the Commerce Department said.

European Commission President Jean Claude Juncker said Trump's tariffs were "totally unacceptable" and promised to retaliate in due course.

More than 60 percent of USA auto imports - an industry that closely binds U.S. and Canadian manufacturing - come from G7 countries, as well as more than 50 percent of aluminium imports and almost 36 percent of steel.

Our North American allies have been engaged in (what they had believed to be) earnest, productive discussions with the USA on reforming NAFTA, and had thus assumed that Washington would not unilaterally impose tariffs on them - let alone that it would so without providing any warning. "There is no longer a very precise date when they may be concluded and therefore they were added into the list of those who will bear tariffs".

The European Commission tweeted that the tariffs represented "protectionism, pure and simple".

USA and European officials held last-ditch talks in Paris to try to reach a deal, though hopes are low and fears of a trade war are mounting.

This is dumb. Europe, Canada, and Mexico are not China, and you don't treat allies the same way you treat opponents.

The steel and aluminum levies and auto-import probe could play well with Trump voters in Rust Belt states in the lead-up to congressional midterms in November.

The E.U. shares many of Washington's concerns about China's efforts to acquire advanced technology through compulsory licensing practices, cybertheft and other measures.

German Chancellor Angela Merkel said the European Union would give a "smart, determined and jointly agreed" response to the new tariffs that she said would break WTO rules. European Commission President Jean-Claude Juncker also said the EU would respond with penalties of its own on US exports.


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