Mexico strikes back after United States announces tariffs on steel, aluminum

Prime Minister Justin Trudeau speaks during a Bloomberg Businessweek Debrief event

The U.S. action widens a rift with America's closest allies, threatens to drive up prices for companies and consumers that buy steel and aluminum, heightens uncertainty for businesses and is already alarming investors in global financial markets.

"So I answered that, unfortunately, if that was a precondition to our visit, I was unable to accept - and so we did not go to Washington for that day of negotiations". The EU believes these unilateral United States tariffs are unjustified and at odds with World Trade Organisation rules.

A British Government spokesman said: "We are deeply disappointed that the USA has chose to apply tariffs to steel and aluminium imports from the European Union on national security grounds".

Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more US goods in a bid to cut America's $375 billion trade deficit with China.

The U.S. administration also launched a national security investigation last week into auto and truck imports, using the same 1962 law it has applied to curb incoming steel and aluminum. U.S. leaves us no choice but to proceed with a WTO dispute settlement case and the imposition of additional duties on a number of USA imports.

The Mexican measures target pork legs, apples, grapes and cheeses as well as steel - products from US heartland states that supported Trump in the 2016 election. Growing trade tensions have clouded a benign outlook for the global economy, which is on track to grow at its fastest pace since 2011 this year and next, according to the International Monetary Fund.

Even if the USA were to agree to waive the tariffs on imported steel and aluminum, Malmstrom said, "I expect them nonetheless to want to impose some sort of cap on European Union exports". "Over the past months we have continuously engaged with the USA at all possible levels to jointly address the problem of overcapacity in the steel sector", says European Commission President Jean-Claude Juncker. "We are awaiting their reaction".

German magazine Wirtschaftswoche reported on Thursday that Trump had told French President Emmanuel Macron he wanted to stick to his trade policy long enough that Mercedes-Benz cars were no longer cruising through NY.

"Unfortunately, the actions taken today by the American government do not seem to be headed in that direction", Trudeau said. A similar finding was issued regarding aluminum imports.

Guajardo said retaliation was aimed at products chosen to hit districts with important lawmakers who had been warning Trump not to mess with Mexico.

The Trump administration said Tuesday that it is moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.

Jean-Claude Juncker, head of the European Commission, the EU's executive arm, gave a speech in Brussels on Thursday afternoon armed with a separate piece of paper on which was written the bloc's reaction should Trump decide to remove the exemption from the levies he imposed in March on national-security grounds.

United Kingdom exports of aluminium to the U.S. are tiny, but in March the UK's Aluminium Federation said it feared the 10% tariffs.

As a result of these findings, President Trump imposed a 25 percent tariff on steel imports.

An official statement from the European Commission says it is determined to shield the EU steel and aluminium markets from damage caused by additional imports that might be coming into the EU as a result of the closure of the USA market.

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