Published: Sun, June 03, 2018
Worldwide | By Myra Stephens

Steel & Aluminum Tariffs 'Against Agreed International Rules,' Per EU Commissioner Cecilia Malmstrom

Steel & Aluminum Tariffs 'Against Agreed International Rules,' Per EU Commissioner Cecilia Malmstrom

He also told French President Emmanuel Macron of the need to "rebalance trade with Europe", the White House said.

Canada's Minister of Foreign Affairs, Chrystia Freeland, said the Trump administration's unilateral trade restrictions violate NAFTA and World Trade Organization rules, and therefore Canada will launch dispute settlement proceedings.

The United States faced unified opposition from the world's top economies to President Donald Trump's escalating, multi-front trade offensive at the end of high-level meetings Saturday soured by the imposition of tariffs.

"Finance Ministers and Central Bank Governors requested that the United States Secretary of the Treasury communicate their unanimous concern and disappointment", the group said in a summary statement written by Canada.

Harley-Davidson's stock dropped about 1 percent on Friday, while shares of steelmakers US Steel and AK Steel both rose 2.2 per cent.

Mexico complained the tariffs will "distort global trade" and said it would penalize US imports including pork, apples, grapes, cheeses and flat steel.

Freeland and the Canadian government pegged the total value of the goods subject to the Canadian tariffs at 16.6 billion Canadian dollars, or roughly $12.8 billion USA dollars.

But experts are skeptical that the United States will be able to get China to do enough to significantly close the huge trade gap.

"We lose a lot of money with Canada and we lose a fortune with Mexico, it's not going to happen like that anymore". But the duties will further pinch supply chains, adding perhaps a week and a half for imported steel to clear customs, said Timothy R. Fiore, chair of the Institute for Supply Management's Manufacturing Business Survey Committee.

He said: "I think the proper reaction is first of all to say this is stupid, it's counterproductive, that any government that embarks on a protectionist path inflicts the most damage on itself".

Since 2016, Canada and the United States have sparred over softwood lumber and aircrafts, while also endeavoring to negotiate, along with Mexico, a revamp of the North American Free Trade Agreement (NAFTA).

Allies including Canada and the European Union are threatening retaliatory tariffs.

Mexico also plans tariffs on a variety of US products, including flat steel.

Their complaints also complicated United States efforts to gain cooperation to challenge China's trade practices.

The U.S. tariffs coincide with - and could complicate - the Trump administration's separate fight over Beijing's strong-arm tactics to overtake U.S. technological supremacy.

Others speaking out include Here for America, which represents worldwide automakers and dealers that operate in the U.S., and the American Chemistry Council, which said the tariffs would mean higher costs to build USA manufacturing capacity.

US Commerce Secretary Wilbur Ross said Thursday that Washington would not extend tariff exemptions for Mexico and Canada because the current NAFTA talks were "taking longer than we had hoped".

The commissioner refused to say Mr Trump had started a trade war, but said he had created a "very worrying situation". Throughout these talks, the US has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU.

Like this: