European Union announces retaliation against Trump tariffs

Jean-Claude Juncker was speaking in Strasbourg this morning

Jean-Claude Juncker was speaking in Strasbourg this morning

But on Wednesday night, Canadian and Mexican officials learned of the impending tariffs from news reports, according to one US industry official who spoke withPolitico.

Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with us trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed.

The EU trade commissioner, Cecilia Malmstrom, said the EU "did everything to avoid this outcome".

Ross explained that the previous extension for Canada and Mexico was specifically due to ongoing NAFTA talks, but that "those talks had been taking longer than we had hoped" and there's no longer a precise date of when a deal may be reached.

The Dow Jones industrial average fell 1% in morning trade on the stock market today, right above its 50-day moving average.

"What we might see is damage not only to the United Kingdom economy but to the USA economy if we don't get a further extension. or indeed President Trump actually sees sense and understands that there will be no winners here".

Malmstrom is meeting U.S. Trade Representative Robert Lighthizer in Paris on Thursday among other global trade chiefs.

The tariffs are likely to go into effect on the European Union with an announcement before Friday's deadline, according to two people familiar with the discussions.

The tariffs - 25 percent on imports of steel and 10 percent on aluminum - take effect at midnight Friday.

Such tariffs could also "lead to the demise of the multilateral trading system based on WTO rules", the ministers said.

"My position remains unchanged: Tariffs on steel and aluminum imports are a tax hike on Americans and will have damaging consequences for consumers, manufacturers and workers", Hatch said in a statement.

French finance minister Bruno Le Maire said USA tariffs on European metals would be unjustified and risky.

'Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade.

The move is certain to trigger retaliation by the European Union against American products including Kentucky bourbon and Harley-Davidson motorcycles.

In a clear reference to Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term".

But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment". You saw his reaction when China chose to retaliate.

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

"We would operate within (multilateral) frameworks if we were convinced that people would move quickly", he said.

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