Trump hits Canadian steel, aluminum with tariffs

Commerce Secretary Wilbur Ross hints a trade war could be the result of new EU privacy laws given that the regulations include'unnecessary barriers to trade. If that happens it would be an additional front in a global trade war the President Donald Trum

Trump in March announced global tariffs of 25 percent on imports of steel, and 10 percent on aluminum, citing national security concerns, but has delayed enacting them for some countries, giving them time to offer concessions.

US Trade Secretary Wilbur Ross immediately responded to the criticism of Washington's transatlantic partners, saying that the EU's retaliation for the introduction of metal tariffs was unlikely to have much impact on the US economy.

More details to follow ...

The UK was "deeply disappointed" by the U.S. decision, while European Commission president Jean-Claude Juncker said it was a "bad day for world trade".

"By people representing us who didn't have a clue".

"There's no question this would be a very serious escalation in the trade conflict", Alden said. "You saw his reaction when China made a decision to retaliate". But he granted an exemption to the European Union and other US allies; that reprieve expires Friday.

US Treasury Secretary Steven Mnuchin is due to hold meetings with his European counterparts to discuss President Donald Trump's confrontational trade agenda, officials said. The two sources briefed on the matter said the announcement was planned for the morning in Washington but that the timing could still change.

The tariffs, which have increased friction with USA trading partners worldwide and prompted several challenges before the World Trade Organization, are aimed at allowing the U.S. steel and aluminium industries to increase their capacity utilization rates above 80% for the first time in years.

US talks tough, to impose 'strongest sanctions in history' on Iran
At the same time, he noted he is "not totally pessimistic about the situation". "Countries have their independence", he added. Russian Federation and China have also criticized the USA move and vowed to maintain trade with Iran.

Ross said the tariffs are based on national security concerns, which he said was an all encompassing category.

While not confirming directly that the U.S. would decide to impose tariffs, he said: "It's up to the European Union to decide if it wants to take retaliatory measures".

With negotiations going nowhere, Trump chose to go forward with the tariffs.

French Finance Minister Bruno Le Maire called the USA tariffs "unjustified, unjustifiable and risky". "We are ready to rebuild this multilateralism with our American friends", he said.

"We are deeply disappointed that the U.S. has made a decision to apply tariffs to steel and aluminium imports from the European Union on national security grounds".

Besides the USA steel and aluminum tariffs, the Trump administration is also investigating possible limits on foreign cars in the name of national security.

He also expected NAFTA negotiations to continue despite the new barriers slapped on the U.S.'s neighbors to the north and south, and pointed to the fact that negotiations continue with China despite the barriers slapped on them previously by the united states.

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