No Deal for EU Seeking Exemptions From Trump's Steel, Aluminum Tariffs

  • No Deal for EU Seeking Exemptions From Trump's Steel, Aluminum Tariffs

No Deal for EU Seeking Exemptions From Trump's Steel, Aluminum Tariffs

Companies warn that cost increases will get passed to consumers.

The EU's top trade official said the United States failed on Saturday to provide full clarity on how Europe and Japan could be spared from Washington's controversial steel and aluminium tariffs, but said talks would continue next week.

The meeting had been previously planned but took on greater importance because of Trump's announcement of a 25-percent tariff on steel imports and 10 percent on aluminum imports. The distributor's Canadian steel supplier is already rationing shipments for customers. The high expectations of his supporters put the pressure on Trump to either kill NAFTA or restructure it dramatically, he said.

Prime Minister Justin Trudeau placed a personal call to President Donald Trump Monday evening to let him know just how damaging going through with his threat to slap steep tariffs on aluminum and steel would be to Canadian workers. And it has boosted our domestic economy by $127 billion annually with trade between the U.S., Mexico and Canada almost quadrupling. A provision in a 1962 USA law allows the president to set emergency tariffs as a security issue.

Under World Trade Organization rules, such counter-measures have to be in place within 90 days of the US tariffs entering force. But he said he questions some direction coming from the Liberal cabinet.

Canada appears to have dodged a protectionist bullet, as one of only two countries to receive a provisional exemption from steel and aluminum tariffs set to rip into America's trading relationships around the globe.

The spokesman sharply criticised the imposition of punitive tariffs by the United States and said European producers would suffer "significantly from the loss of one of their most important export markets".

Republican House Speaker Paul Ryan says he fears other countries' retaliation and the start of a trade war.

Manufacturers and their suppliers are trying to figure the precise cost, said Joe Phillippi, head of AutoTrends Consulting, but he estimates it will be $200 to $300 a vehicle.

Trump imposed the tariffs despite pleas from friends and allies who warned the new measure could ignite a trade war. Whether they permanently dodge these misguided, punitive measures depends on how they behave in the ongoing North American Free Trade Agreement negotiations.

"We are committed to working with the Administration to find a long-term solution within the new framework that supports jobs in the USA auto industry and across the supply chain". He called tariffs the "wrong way" to tackle the problem of cheap steel and aluminum being dumped on the U.S.

However, the lawmaker said Iran's steel industry can fulfill the domestic demand and the country needs no steel imports.

"After a almost year-long investigation, President Trump took action to curb steel and aluminum imports". But even if they do, Fast said the president will probably be undeterred.

Brazil, the second-largest exporter of steel to the US after Canada, is also the largest importer of USA metallurgical-grade coal to fuel the steel-making furnaces.