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.

Trump to remove tariff exemption from EU, Canada, Mexico
Alden said the increased trade tensions would eventually catch up to the market as Trump undertakes more and more tariff actions. Mexico has also responded , promising to slap tariffs on USA products including pork bellies , grapes, apples, and flat steel .

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.

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.

Facebook sinking fast among U.S. teens
Only 24 per cent said it has mostly a negative impact, while 31per cent said it's mostly positive. At the time , Facebook was heralded as the most popular social media platform in the country.

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.

ICC World XI set to face Windies in T20 tie
Prolific Pakistan batsman Shoaib Malik will also feature along with 17-year-old Nepalese spin sensation Sandeep Lamichhane. This was not the first instance the cricketing community is coming together to help those in need.

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.

Singapore Airlines to launch world's longest commercial flight in October
Flights between NY and Singapore are now operated using the double-decker Airbus A380 with a stopover in Frankfurt , Germany. The airline had flown a similar route from 2004 until 2013 but cancelled it as it fell short of revenue expectations.

Missouri Gov. Eric Greitens Resigns Amid Sex Scandal
Greitens was under investigation in the Republican-controlled Missouri Legislature, and he faced a serious threat of impeachment. One of the open stipulations states that Greitens has agreed to release Gardner and everyone in her office from civil liability.

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.

LeBron's Finals challenge may be too tall an order, say pundits
The Cavs finished their series Sunday at Boston, so James spent a relaxing Memorial Day Monday with family having a barbecue. This is not their first time being an underdog against the Warriors, and in 2016 the Cavs accomplished the possible.

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.

One paisa petrol price cut: Is there no solution?
Diesel prices were at Rs 69.25 a litre, Rs 71.8 a litre, Rs 73.73 a litre and Rs 73.12 a litre respectively. It is doing nothing but mocking the unprecedented miseries and hardships of the common people.

Teslas ‘crash with Autopilot engaged’ in California and Greece
The carmaker says the function is not created to avoid a collision and warns drivers not to rely on it entirely. A Tesla that the driver said was in Autopilot mode struck a parked police vehicle in Laguna Beach, Calif.