Republicans in key midterm races caution against Trump's new tariffs

Republicans in key midterm races caution against Trump's new tariffs

The President of the European Commission, Jean-Claude Juncker, said "The EU believes these unilateral U.S. tariffs are unjustified and at odds with World Trade Organization rules".

The measures, touted by President Donald Trump in March, drew condemnation from Republican lawmakers and the country's main business lobbying group and sent a chill through financial markets.

As for the U.S.'s national security argument, Fox said, "In the case of the United Kingdom, we send steel to the USA that is vital to their defence industry; it is patently absurd".

"Throughout these talks, the USA has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU", Malmström said.

Trudeau said Thursday he refused to go because of the "totally unacceptable" precondition. The EU, Canada and Mexico together account for about 40 percent of USA steel imports.

Canada, Mexico and the European Union were among the countries granted relief while the United States pursued negotiations to address the administration's concerns about the state of domestic steel and aluminum production.

Ross played down the potential negative impact on the USA economy from the duties.

According to UK Steel - the body which represents steel producers across the country - 7% of steel exports go to the United States, worth £360m.

Financial markets sank on concerns about the disputes among trading partners, with the Dow Jones industrial average falling more than 200 points.

A stiff tariff on auto imports might also seem to fulfil other objectives of American trade hawks.

Trump has apparently chose to dismantle the existing order on trade.

The trading partners are expected to retaliate, and have threatened to impose tariffs on US exports.

"Throughout these talks, the United States has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU".

"We continue to hope the exemption will be extended while Nafta talks are ongoing and ultimately there is a positive resolution that doesn't involve a tariff or a quota", said Galimberti of the steel producers' association. He said he would travel to China on Friday for trade talks this weekend.

But, speaking on CNBC, Mr Ross said any retaliatory measures against the U.S. would be "unlikely to have much effect" on the U.S. economy. The EU will decide exact countermeasures in coming weeks, according to the French officials. The EU move could heighten pressure on Washington.

Trump has threatened to take steps to withdraw from NAFTA for more than a year, but during his first year in office he was coaxed out of taking dramatic steps by advisers such as National Economic Council President Gary Cohn and Secretary of State Rex Tillerson. American negotiators want more demanding national-content requirements, and a rule that at least 30% of a vehicle be made by workers earning above a high wage threshold. US trading partners had demanded that the exemptions be extended or made permanent.

The highly anticipated move was announced Thursday by Commerce Secretary Wilbur Ross, who is wrapping up a two-day meeting with European Union officials. "We will not accept this highly regrettable decision without reacting", says Manfred Weber, Chair of the EPPGroup in the European Parliament and a close ally of German Chancellor Angela Merkel.

France's finance minister, Bruno Le Maire, called the US tariffs "unjustified, unjustifiable and risky".

"This will only lead to the victory of those who want less growth, those who don't think we can develop our economies across the world". "We did everything to avoid this outcome".

Ben Digby, the worldwide director of the Confederation of British Industry, added: "The President's measures are deeply concerning for firms in the United Kingdom, for close trading partners and across supply chains".

Even some Trump allies in Congress said the trade moves were misguided.

Mexico said it would apply penalties to blueberries, pork bellies, grapes and certain types of steel.

Related Articles