United States tariffs: Tata Steel calls for 'protection measures'

Devin Lawrence
May 31, 2018

Canadian Prime Minister Justin Trudeau said the steel and aluminum tariffs were "totally unacceptable" and a violation of a centuries-old relationship between the U.S. and Canada.

Shares of Canadian metal companies got sideswiped Thursday after the Trump administration announced it will impose tariffs of 25 per cent on imported steel and 10 per cent on imported aluminum from Canada, beginning at midnight.

The US today announced the end of exemption on steel and aluminum tariffs on imports from European Union, Canada and Mexico. "The Administration will continue to monitor steel and aluminum imports and adjust the measures in effect as necessary to protect the national security of the United States".

Weber adds that Trump's decision has to be a wake-up call for us Europeans: "with the United States closing in on itself, we should be bridge-builders & reliable partners for the rest of the world".

During a conference call early Thursday, Ross shrugged off questions about the US facing possible retaliation, or whether the move would negatively affect the G7 meeting.

German Chancellor Angela Merkel stressed her opposition even before the USA announcement, saying the looming tariffs were incompatible with World Trade Organization rules. They are expected to lead to retaliation from European nations.

Last week, Trump ordered the Commerce Department to conduct a national security investigation into foreign auto imports. Prime Minister Justin Trudeau's government has said it plans to respond but has not yet said how. But on Wednesday night, Canadian and Mexican officials learned of the impending tariffs from news reports, according to one USA industry official who spoke withPolitico. Our Steel and Aluminum industries are dead.

President Trump is imposing steel and aluminum tariffs on Canada, Mexico, and the European Union.

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Commerce Secretary Wilbur Ross told French daily Le Figaro it would be announced either before markets opened or after they closed.

At a meeting of the Organisation for Economic Cooperation and Development in Paris he said: "America does not want a trade war".

The European Commission tweeted that the tariffs represented "protectionism, pure and simple".

The tariffs directed at some of the U.S.'s most ardent allies represented the latest move in Trump's "America First" agenda that has roiled financial markets and raised the spectre of a trade war involving the U.S., China and some of the globe's most dominant economies.

"This is another negotiation tactic on the United States side because there are other negotiations going on". He's said to be considering 25% tariffs on $176 billion yearly imports.

"Without a strong economy you can't have strong national security", Ross said.

Some members of Cabinet met earlier in the day to decide on retaliatory measures. The EU issued a 10-page list in March of potential products to levy, including stainless steel sinks, rice, orange juice and more.

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