Trade war: ‘Europe United’ as European Union and Mexico respond to U.S. tariffs

President Donald Trump speaks during a Memorial Day

Shares of United States steel manufacturers were jumping in early trading Thursday after The Wall Street Journal reported that President Donald Trump was ready to announce tariffs on European Union, Mexican, and Canadian steel imported into the country.

Boeing was the biggest drag on the Dow Jones Industrial Average, which was down 0.95 per cent.

While Thursday's action cheered American steel producers, companies that use imported metals said that it endangered U.S.jobs and investment.

The proclamation means that steel and aluminum tariffs of 25 and 10 percent, respectively, temporarily delayed for these and various other countries, will now be imposed on the EU, Canada, and Mexico.

Ross said talks with Canada and Mexico over the North American Free Trade Agreement are "taking longer than we had hoped".

President Donald Trump announced in March global tariffs of 25% on imported steel, and 10% on aluminum, based on national security concerns.

The announcement was made by Commerce Secretary Wilbur Ross. "We are ready to rebuild this multilateralism with our American friends".

Agricultural products were also a focus when the Canadian government identified retaliatory tariff targets-never used-in a 2015 battle over meat imports.

With the clock ticking down on the tariff deadline, European Union officials are also engaged in talks to secure an extended exemption.

More news: U.S. Officials Meet With North Koreans to Discuss Summit

She called the USA measures illegal and counterproductive, and both she and Trudeau expressed how hard it is to imagine how Canada could ever be a national-security threat to an ally as close and important as the United States.

European Commission President Jean Claude Juncker said Trump's tariffs were "totally unacceptable" and promised to retaliate in due course.

The Prime Minister's Office said they "all agreed to continue to defend the Canadian steel and aluminum industry from unwarranted tariffs and to stand up for the best interests of all Canadian workers and businesses".

U.S. Steel was up more than three per cent to $37.47 United States on the NYSE, while Nucor was ahead by nearly one per cent at $64.70 US. "Donald Trump is a bully and the only way to deal with a bully is to stand up and push back and we have to do that". "The president's overwhelming objective is to reduce our trade deficit". That share prices of BMW, Daimler and Volkswagen.

The White House action comes as the Trump administration begins a similar national-security investigation into auto imports, which could lead to tariffs.

The bloc's response will be "united and firm", French Finance Minister Bruno Le Maire warned. "Bad news that @POTUS has chose to impose taxes on American consumers buying steel and aluminum from our closest allies -Canada, the European Union, and Mexico (with whom we run a trade surplus on steel)", tweeted Sen.

Europe did not want a trade war, he said, but Washington had to back down from "unjustified, unjustifiable and risky tariffs".

"We now call on the EU Commission to take swift and robust action to combat the indirect effects of these tariffs", he said.

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