EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.

US Dollar Stable as Trump Administration Greenlights Tariffs

"We are deeply disappointed that the U.S. has chose to apply tariffs to steel and aluminium imports from the European Union on national security grounds", a government spokesman said.

Trump's decision could raise prices for Americans on a range of everyday products.

According to the Washington Post, Trudeau was prepared to travel to Washington DC this week to finalize the renegotiation of NAFTA, before the sudden implementation of the tariffs.

And on Tuesday, Trump said during a rally that he was going to make Mexico pay for a wall along the USA border.

He said: "It's very disappointing that the United States has chosen to apply steel and aluminium tariffs to countries across the European Union, allies of the United States, and all in the name of national security".

The EU threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of US Republican legislators.

The European Union is planning retaliatory tariffs on USA steel and food goods in the coming weeks, once it calculates the exact cost to European Union companies of the US tariffs. The long-term consequences will be nearly certainly be further retaliation from the European Union, threatening US export industries.

The phone call between the French president and his USA counterpart came after the U.S. announced the steep metals tariffs would be imposed on the European Union, Canada and Mexico as of midnight. But the broader market sank because of trade war fears.

"Unilateral trade tariffs are always a negative sum game", he said on Twitter.

Europe also said it would start the process for enacting retaliatory tariffs.

More news: Trump Expected to Receive Personal Letter from N. Korean Leader

"Without a strong economy, you can't have a strong national security", Ross said.

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

"This doesn't mean the United States are not our closest partners and friends".

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

Temporary exemptions were granted to a number of nations and permanent ones to several countries including Australia, Argentina and South Korea.

MI would be close behind, with $1.17 billion in goods that could be subject to tariffs.

The Chinese government said the announcement was "obviously in violation of the consensus reached in Washington recently by both China and the United States". As talks continue, Ross warned against any parties striking back.

Ross told a conference call with media this morning that he is looking forward to continuing negotiations.

The decision seems purely political, insofar as the Trump administration failed to secure any meaningful concessions from China during the recent trade spat, and so a "win" elsewhere was likely sought after. I love Canada. I love Mexico.

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