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United States to Impose Steel Tariffs on EU
31 May 2018, 07:00 | Marta Robbins
President Trump plans to impose steel, aluminum tariffs on the European Union
Ross explained that the previous extension for Canada and Mexico was specifically due to ongoing NAFTA talks, but that "those talks had been taking longer than we had hoped" and there's no longer a precise date of when a deal may be reached.
But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment". In terms of the NAFTA talks, the tariffs could hinder the negotiations among the North American neighbors.
Tariffs on steel and aluminum imports to the us can help local producers of the metals by making foreign products more expensive.
'But they can also increase costs more broadly for US manufacturers who cannot source all their needs locally and have to import the materials.
"My position remains unchanged: Tariffs on steel and aluminum imports are a tax hike on Americans and will have damaging consequences for consumers, manufacturers and workers", Hatch said in a statement.
The Trump administration is making good on its threat to slap Canada with hefty steel and aluminum tariffs, setting the stage for a possible trade war and leaving Prime Minister Justin Trudeau in the middle of a very divided group of leaders at next week's G7 summit. Our friends and enemies have taken advantage of the U.S. for many years.
During a conference call early Thursday, Ross shrugged off questions about the USA facing possible retaliation, or whether the move would negatively affect the G7 meeting.
The E.U. has promised to meet the American tariffs with retaliatory duties on a wide range of US exports from politically sensitive regions - including bourbon made in Mitch McConnell's Kentucky and Harley-Davidson motorcycles manufactured in Paul Ryan's Wisconsin.
"Realistically, I do not think we can hope" to avoid either USA tariffs or quotas on steel and aluminum, said Cecilia Malmstrom, the European Union's trade commissioner.
Ross offered little detail about what the EU, Canada and Mexico could do to have the tariffs lifted. "The president's overwhelming objective is to reduce our trade deficit".
The European Union has said that its retaliatory measures, which could be in place as soon as June 20, would include 25% tariffs on American products including motorcycles, denim, cigarettes, cranberry juice and peanut butter.
"We continue to be quite willing and indeed eager to have further discussions", Ross said.
"Such a move would hit American manufacturers with higher costs, slow the growth of the USA construction sector, and put the brakes on job creation in both of these key industries", the Chamber said. "They're critical for national security". But they can also increase costs more broadly for US manufacturers who cannot source all their needs locally and have to import the materials. "Nothing", French President Emmanuel Macron said in an impassioned speech Wednesday. This Trump trade war threat tanked the stock market in late February and early March and got the Dow Jones off to a weak start Thursday.
Ross criticized the European Union for its tough negotiating position.
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