Over 146,000 Americans will lose their jobs because of Trump’s trade tariffs

The European Commission has said the EU should be permanently exempted from the tariffs

Secretary of Commerce Wilbur Ross said that these tariffs were important for national security.

The Associated Press reports that French President Emmanuel Marcon told Trump during a phone call that the new tariffs on steel and aluminum on European, Mexican and Canadian imports are "illegal" and a "mistake".

Asked whether the company could cut its costs by 20% to maintain its competitiveness, Mr Ellis said: "We can't do that".

Trudeau says he's already reached out to Canadian steel and aluminum producers to talk about upcoming short-term challenges after the USA moved to impose 25 per cent tariffs on some foreign steel and 10 per cent on aluminum, citing national security reasons.

The decision angered the three key trading partners.

The tariffs will be 25 percent on imported steel and 10 percent on aluminum.

"We take the view that without a strong economy, you can not have strong national security", Ross said Thursday.

President Donald Trump had announced the tariffs in March, saying they were necessary to protect the United States from unfair competition and thereby bolster national security.

"US steel consumers are already reporting price increases and supply chain disruption and with some half-billion dollars of steel exported from the United Kingdom to U.S. previous year, United Kingdom steel producers are going to be hit hard".

And speaking to reporters, Macron described the USA move as "a mistake in many ways because it responds to existing worldwide imbalances in the worst way - by breaking up and creating economic nationalism".

Amid fears the tariffs will deal a huge blow to the struggling UK steel industry, some political figures and prominent UK journalists have flocked to Twitter to condemn the Brexiteers for putting the UK at risk of being "eaten alive" by trade tariffs once it leaves the EU.

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European Union chief Jean-Claude Juncker said the 28-nation bloc "will announce in the next coming hours counter-balancing measures" in response to the United States action.

"This is $16.6 billion of retaliation", said Canada's Foreign Affairs Minister Chrystia Freeland on Thursday.

The U.S.is still renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada.

Ottawa will also challenge the tariffs under NAFTA and World Trade Organisation rules, she said. It plans to immediately draw up a list of USA products for retaliatory measures, including yachts, whiskey, orange juice and jeans.

Branding the move by United States president Donald Trump as "just protectionism", he said: 'We absolutely do not rule out counter measures.

The Dow Jones Index dropped 250 points on the announcement and fear is growing that similar tariffs will be announced by Russian Federation and China in coming days.

The Trump administration has given permanent metals tariff exemptions to several countries including Australia, Argentina and South Korea, but in each case set import quotas.

Jean-Claude Juncker, president of the European Commission, said the bloc would move ahead with tariffs that are expected to affect roughly $7.5 billion worth of USA exports.

Mexico's ministry of economy pledged to impose equivalent measures, and included a partial list of USA goods that would face tariffs, including pork bellies, cheese, and produce such as grapes and apples.

What are tariffs? "Customs duties on merchandise imports are called tariffs", the World Trade Organization (WTO) says on its website.

But the White House also said the administration is still committed to "good-faith negotiations with our allies".

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