US to push steel, aluminum tariffs on EU, Canada and Mexico

French President Emmanuel Macron right and Organisation for Economic Co-operation and Development Secretary General Angel Gurria arrive at the OECD ministerial council meeting on

Despite media speculations that the United States could possibly introduce long-term exemptions from the tariffs for its close allies, Trump has opted for moving ahead with steel and aluminium duties.

More than 60 percent of United States 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.

"There's no question this would be a very serious escalation in the trade conflict", Alden said.

"As to Canada, Mexico, you will recall that the reason for the deferral had been pending the outcome of the NAFTA talks", he said. "We have also consistently indicated our openness to discussing ways to improve bilateral trade relations with the U.S. but have made it clear that the European Union will not negotiate under threat".

"Since he announced that he was going to impose these blanket, arbitrary tariffs on steel imports nearly three months ago we have hoped for the best but we've feared for the worst - and that's what we might see at midnight tonight, U.S. time". "The UK and other European Union countries are close allies of the U.S. and should be permanently and fully exempted from the American measures on steel and aluminium", the United Kingdom said in a statement. "Over the past months we have continuously engaged with the all possible levels to jointly address the problem of overcapacity in the steel sector".

Fears of a global trade war are mounting as the Trump administration also considers tariffs on USA auto imports and duties on $50 billion in Chinese goods.

"The UK and other European Union countries are close allies of the U.S. and should be permanently and fully exempted from the American measures on steel and aluminium". The next question would be: how will the (US) President (Donald Trump) react? But the broader market sank because of trade war fears.

The EU has previously threatened to impose retaliatory tariffs on USA orange juice, peanut butter and other goods in return for the US moving forward with its tariff plans.

The European Union has previously said if Trump moved forward with his threat then the EU could in turn slap tariffs on products like peanut butter, orange juice and other goods. "The government is absolutely prepared to and will defend Canadian industries and Canadian jobs".

Ross said the US would consider the effect of those measures. "They're critical for national security". "Nothing", French President Emmanuel Macron said in an impassioned speech Wednesday. "It's totally unacceptable that a country is imposing unilateral measures when it comes to world trade". That hurts the companies and can lead to more expensive consumer prices, economists say.

"These solutions might bring symbolic satisfaction in the short term", Macron said.

Ross is scheduled to go to China this weekend for a third round of negotiations.

But German Economy Minister Peter Altmaier insisted the Europeans were being "constructive" and were ready to negotiate special trade arrangements, notably for liquefied natural gas and industrial goods, including cars.

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