US slaps 25 per cent tariff on Canadian steel

However, the Conservative minister also urged the European Union to be cautious in its response to Trump, saying: "It would be a great pity if we ended up in a tit-for-tat trade dispute with our closest allies". Lamar Alexander, a Tennessee Republican, said Thursday.

"This particular action on steel and aluminum is not about unfair trade practices".

Beer, iPhones and plane tickets are all likely to get more expensive in the next few months thanks to President Donald Trump.

"That Canada could be considered a national-security threat to the United States is inconceivable", said Trudeau, adding that the people of the USA are not Canada's target, and that the federal government would have far preferred that its hand wasn't forced. But he delayed the measure to give time for negotiations.

Trudeau's comments came after President Donald Trump enacted the most severe economic penalties he has imposed to date against US allies, establishing tariffs on steel and aluminum imports from Canada, Mexico and the European Union.

The tariffs are aimed at allowing the U.S. steel and aluminium industries to increase their capacity utilisation rates above 80 per cent for the first time in years.

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

Commission President Jean-Claude Juncker said the bloc had been left with "no choice" but to impose its own duties on U.S. products after being targeted.

Mexico has described the move as unfair and said it will impose duties on various US imports including apples, grapes and blueberries.

"This is $16.6 billion of retaliation", said Canada's Foreign Affairs Minister Chrystia Freeland on Thursday.

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. He promised to add Canadian tariffs on a number of American goods.

Australia is exempt from the tariffs after Prime Minister Malcolm Turnbull secured a deal to avoid the U.S. trade measures in March.

It calls for Trudeau government to impose retaliatory measures and ensure that steel and aluminum are not dumped into Canada from third countries.

FILE - Jose Mata grinds a steel pipe at the Borusan Mannesmann plant in Baytown, Texas, April 23, 2018.

Steel is less lop-sided but the USA still didn't have the capacity to make all the steel the country needed.

"We lose over $100 billion a year with Mexico, we lose many, many billions of dollars to Canada", Trump said.

Asked whether the company could cut its costs by 20% to maintain its competitiveness, Mr Ellis said: "We can't do that".

The good news is that the UK's import-heavy economy is more resilient to the impact of tariffs than countries such as China and Germany, who export more goods than they import, says The Daily Telegraph's Matthew Lynn. She dismissed the argument that the tariffs were needed for US national security reasons. It believes the new tariffs are in clear breach of WTO rules and rejects U.S. claims that they are necessary on national security grounds.

Even some of Trump's supporters criticized the measures.

The trade penalties, 25% on imported steel and 10% on imported aluminum, take effect at midnight, Commerce Secretary Wilbur Ross told reporters Thursday. When asked about any concerns related to the G7, Trudeau said Canada would "continue to highlight that working together as friends and allies is extremely important for the prosper advertise process prosperity to each of our citizens".

French President Emmanuel Macron has told U.S. President Donald Trump that the new U.S. tariffs on European, Mexican and Canadian goods are illegal and a "mistake". Trump directed the Commerce Department to investigate whether auto imports threaten national security.

According to the German steel industry association, the European market could see an increase of up to 50 percent in steel imports.


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