Published: Thu, May 31, 2018
Markets | By Otis Pena

Trump plans to slap tariffs on European Union steel and aluminium

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

Asked about talks for a Transatlantic Trade and Investment Partnership, which was negotiated under the administration of President Barack Obama, the commerce secretary said that it was "not quite accurate to say the USA stopped the talks on TTIP" when President Trump entered the White House. But Mr. Ross said that, while discussions with the Europeans had been ongoing, the progress had not warranted either another temporary exemption or a permanent exemption.

Canada has crafted a retaliation plan that would involve US steel and aluminum and other politically sensitive products, sources briefed on Ottawa's strategy said.

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

Ross said that Trump can "do anything he wishes at any point subsequent from today" on whether to impose tariffs and quotes. Study says auto tariffs will cost 157K jobs MORE on Thursday said President TrumpDonald John TrumpKoch brothers company tweets support for Kim Kardashian after Trump meeting Romney reveals he wrote in wife's name for president in 2016 Pompeo has dinner with top North Korean official in NY: report MORE has made a decision to end the temporary exemptions for the three key trading allies despite their two months of lobbying to avoid the tariffs.

On any potential Canadian response, Mr. Ross said: "We shall have to see what's their reaction".

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In March, the United States introduced a 25-percent tariff on imported steel and a 10-percent tariff on imported aluminum.

European Union countries have given broad support to the Commission's plan to set duties on 2.8 billion euros (£2.5 billion) of USA exports, including whiskey and motor bikes, if Washington ends the European Union tariff exemption. The United States rejected the offers. The Associated Press report did not indicate if Canada would also be hit with the tariffs. In terms of the NAFTA talks, the tariffs could hinder the negotiations among the North American neighbors.

Flavio Volpe, president of the Automotive Parts Manufacturers' Association of Canada, echoed Ms. Freeland.

Prime Minister Justin Trudeau lobbied Mr. Trump directly by telephone last week, and contacted Vice-President Mike Pence on Tuesday.

The Trump administration made good on threats to impose tariffs on some of the nation's closest allies Thursday, announcing it will no longer exempt Canada, Mexico and the European Union from previously announced levies on steel and aluminum.

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