Japan may file WTO challenge against USA steel, aluminum tariffs: Aso

The Trump administration announced Thursday that it will impose tariffs on steel and aluminum imports from Europe Mexico and Canada. Trud

Besides the US steel and aluminum tariffs, the Trump administration is also investigating possible limits on foreign cars in the name of national security. But they did not sound optimistic.

President Trump on Thursday, May 31 imposed tariffs on imported steel and aluminum from the European Union, Canada and Mexico, triggering immediate retaliation from US allies and protests from American businesses and farmers.

United States and China announced a $50-billion import tariff on each other, only to put the war "on hold" for a while. But companies in the US that use imported steel will face higher costs.

Europe, Canada and Mexico have not yet introduced responsive measures, hoping that they will be exempt from Trump's measures as they are close allies to the U.S. If they fail to receive such an exemption, France' trade ministry has said European Union countermeasures could be completed by mid-June, while tariffs from Canada, targeting $13 billion of USA products, could come into force at the start of next month, according to Prime Minister Justin Trudeau. However, U.S. Commerce Department numbers show the United States recorded a trade surplus with Canada for each of the past three years.

Prime Minister Justin Trudeau says he will work with Canadian steel and aluminium companies hit by punishing US tariffs to make sure jobs and workers north of the border are protected.

Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling almost 252 points, or 1 per cent, to 24,415.84.

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

In a clear reference to U.S. President Donald Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term". And the longer it takes President Trump to realize this, I would only have one thing to say to him: "you're fired". "This is not the way we do business, and certainly not between longstanding partners, friends and allies", she said in a statement.

The steel and aluminum tariffs could also complicate the administration's efforts to renegotiate the North American Free Trade Agreement with Canada and Mexico, a pact that Trump has condemned as a job-killing "disaster". But they can also increase costs more broadly for USA manufacturers who cannot source all their needs locally and have to import the materials.

Rising costs especially hurt consumers and companies that rely on imported components.

European officials had braced for the tariffs and the EU has threatened to retaliate against U.S. orange juice, peanut butter and other goods in return.

In 2017, United States imports of steel and aluminum products covered by Section 232 tariffs totalled Dollars 29 billion and USD 17.4 billion respectively.

The issue was a key topic of discussion at the meeting of Group of Seven finance ministers and central bankers in the Canadian ski resort of Whistler.

Ross told a conference call with media this morning that he is looking forward to continuing negotiations.

"God knows there are plenty of tariffs the European Union has in place on us", he said.

In Canada, Prime Minister Justin Trudeau said: "These tariffs are totally unacceptable". He noted that "China has not used that as an excuse not to negotiate". The administration's plans could change if the two sides are able to reach a last-minute agreement, said the people, who spoke on condition of anonymity to discuss internal deliberations. Macron pledged the riposte would be "firm" and "proportionate" and in line with World Trade Organization (WTO) rules.

Ross and Lighthizer seemed like the odd men out at this week's gathering at the OECD, an global economic agency that includes the U.S.as a prominent member. Highly restrictive on Trade!

Related News:



Most liked

Denmark joins European countries in 'burqa ban'
Denmark has joined the European nations, which have already restricted the wearing of the Islamic veil in public spaces. Women can be subjected to 150 euro (£131/$174) fines and instructions in citizenship for breaking the ban.

Kim says committed to denuclearisation of Korean peninsula
Trump also said he viewed the Pompeo talks as a positive step, and that he "looks forward" to seeing what the letter says . Trump called off the summit in an open letter to Kim last week, citing "open hostility" from the regime.

China's Commerce Ministry: China will reserve rights to release countermeasures
A source at an global trading house based in China said enquiries about USA agricultural products have increased, but buyers are still nervous.

Serena ‘betrayed’ as Sharapova feud fires up French Open
Sharapova, 30, needed just 59 minutes on Court Philippe Chatrier to emerge victorious 6-2, 6-1 against an out-of-sorts Pliskova . However, Thursday was a tougher proposition for the 36-year-old American, who was playing just her sixth match of this year.

European stocks close higher as Italian, Spanish indexes jump on political developments
After stripping out the volatile items of energy, food, alcohol and tobacco, inflation only rose to 1.1 percent from 0.7 percent. Italy's 2-year bond yield spiked some 80 basis points to 1.937 percent, its highest since late 2013, according to Reuters data.

Salman Khan's brother allegedly involved in IPL betting scam
Arbaaz was summoned for alleged placements of money on matches during the 11th season of the IPL through bookies, it was reported. The sources claimed that there was a dispute going on between the two of them on this issue as Arbaaz was not paying.

Serena ousts Barty from French Open
Barty put up a stiff challenge, and really forced Serena out of her comfort zone with a mix of slices and topspin shots. The two-time grand slam victor conceded she did not play her best, but says her focus is purely on racking up wins.

United States defends latest tariffs on China products
The tariff threat is a "very powerful" negotiating tactic, said Lester Ross, chairman of the American chamber's policy committee. But according to the White House, the date of 15 June is announced which would finalize the question regarding tariffs.

Amazon to block Australians from its United States website
Australian users weren't happy with their government's decision, and are calling the GST as the "Amazon tax". The GST will impose a 10% fee for all online goods imported into Australia, worth less than A$1,000 ($756).

Roseanne Barr lashes out at "Roseanne" co-stars
Trump wrote that Iger never called him to apologize for "the terrible statements " that have been said about him on ABC . No one is defending her comments. "This is a double standard that the president is speaking about".

Reboot your router to stop Russia-linked malware — FBI's urgent request
Rebooting is a pretty easy process, usually requiring little more than holding down a reset button on the router, CNET explains . VPNFilter has infected about half a million devices in more than 50 countries, including the United States, the Globe reported.

Moscow invites N.Korea's Kim to visit
Working-level parties from both North Korea and the United States are in the island state, looking into venues and logistics. Trump's letter, the aides said, was created to pressure the North on the worldwide stage for appearing to have cold feet.

Israel threatens to 'act' against Iran 'anywhere in Syria'
He said that point of view, according to which the Islamic Republic of Iran is the cause of all troubles in the Middle East is wrong.

Trump hits Europe, Mexico and Canada with metals tariffs
Europe did not want a trade war, he said, but Washington had to back down from "unjustified, unjustifiable and unsafe tariffs". In a clear reference to Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term".

Record Audiences Get Set to Make the 2017 Grand National the Biggest To Date
For some , it will be a case of asking which horses have been at their most impressive this season that will give them the clues as to which Grand National horses to bet on .