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Friday, 1 June 2018

America Imposes Metal Tariffs On Key Allies, EU To Retaliate In Kind

The US is to impose tariffs on steel and aluminium imports from key allies in Europe and North America. The US said a 25% tax on steel and 10% tax on aluminium from the EU, Mexico and Canada will start at midnight.
The move immediately triggered vows of retaliation from Mexico, Canada and the EU, which called the tariffs "protectionism, pure and simple".

The UK said it was "deeply disappointed" by the US decision, which followed weeks of negotiations. EU trade commissioner Cecilia Malmstrom said it was a "bad day for world trade", while European Commission president Jean-Claude Juncker said the move was "totally unacceptable".
The EU has "no choice" but to bring a case before the World Trade Organization and impose duties on US imports, he added.

Canadian Prime Minister Justin Trudeau said the tariffs were an "affront" to the longstanding relationship between Canada and the US, especially to the "thousands of Canadian soldiers who fought and died alongside their American comrades-in-arms" in Afghanistan.
He said Canada plans to levy tariffs on American products worth about $13bn starting 1 July. It is also planning a challenge at the World Trade Organization.
He said: "We have to believe that at some point common sense will prevail but we see no sign of that in this [US] action today."

Canada said it would put 25% tariffs on certain types of American steel, as well as a 10% tax on other items, including yoghurt, whiskey and roasted coffee.
Mexico's Economy Ministry said it is planning new duties for steel, pork legs and shoulders, apples, grapes, blueberries and cheese.
Europe had previously outlined a list of items, including US bourbon, cranberries and jeans, as targets for retaliation.
US President Donald Trump announced plans for tariffs on foreign steel and aluminium in March, justifying them on national security grounds.
He has argued that global oversupply of steel and aluminium, driven by China, threatens American steel and aluminium producers, which are vital to the US.
Since the announcement, South Korea, Argentina, Australia and Brazil have agreed to put limits on the volume of metals they can ship to the US in lieu of tariffs.
The US granted temporary exemptions to the EU, Canada and Mexico amid negotiations over limits. That deadline was due to expire on 1 June, having already been extended by a month.

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FACEBOOK COMMENTS

Simon Onyemah Nwandei

This man really mean business...

Endy Edeson

@Simon: I know he wants American products to flourish but attacking his key allies might turn him to a "business enemy" as the allies also plan to retaliate
2

Emeka Falake

But it is the for the benefit of the Americas.

Gbolahan Libra General

Yes Endy, he's taking it too far. Is that patriotism or what do we call it?.
His allies for that matter. Gosh! That's BETRAYAL.
At the detriment of others favoring yourself?

Endy Edeson

Libra: Quite bad! Let's watch how his relationship with them will turn out as days unfolds
1

Akintoye Adebareh Abdul Akeem

This is good for Americans. Then who cares about what anybody say?
1

Endy Edeson

Akeem, Majority of Americans are in support of Trump policies. #AmericaFirst
1

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