U.S. tariffs: Tata Steel calls for 'protection measures'

31 May, 2018, 22:01 | Author: Shannon Aguilar
  • A steel worker watches hot metal at the Thyssenkrupp steel factory in Duisburg Germany in a file

Mexico and the European Union immediately announced plans to retaliate with tariffs of their own.

The administration first announced the tariffs back in early March, portraying them as an aggressive effort to fight the perfidious behavior of China and other countries to subsidize their domestic metals industries, undermining American national security.

Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.in exchange for being spared the tariffs, the Commerce Department said.

Jean-Baptiste Lemoyne, French junior minister of foreign affairs, was similarly dispirited, saying that "France disapproves of these unjustified and unjustifiable measures".

The UK government's spokesperson stated that Britain and other European Union countries are close allies of the U.S. and thus should be "permanently and fully exempted" from the United States metal tariffs.

Agricultural products were also a focus when the Canadian government identified retaliatory tariff targets-never used-in a 2015 battle over meat imports.

Mexico has also announced retaliatory tariffs on U.S. imports including pork bellies, apples, grapes, cheese and flat steel, according to a statement from Mexico's Economy Ministry.

Shares of Boeing (BA.N) slipped 1.3 percent and Caterpillar (CAT.N) declined 1.9 percent, dragging down the Dow Jones Industrials .DJI.

Cars worth about $32bn were exported to the U.S. from the European Union in 2017 - about five times as large as steel and aluminium exports combined.

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"This will only lead to the victory of those who want less growth, those who don't think we can develop our economies across the world".

"The decision announced today is a significant threat to the 22,000 Canadian households whose livelihoods are directly supported by employment in Canadian steel", said Joseph Galimberti, president of the Canadian Steel Producers Association. But they can also increase costs more broadly for US manufacturers who cannot source all their needs locally and have to import the materials. Should the tariffs be raised by 10% above proposed levels, the OECD has estimated it would reduce global trade by about 6%.

President Emmanuel Macron has couched Trump's tariffs as a "nationalist retrenchment" reminiscent of Europe in the 1930s.

Trump's legal authority for imposing the tariffs rests on the claim that America's reliance on foreign steel is a threat to its national security. Ross denied this impression and said that there has been transshipment of Chinese steel and aluminum. "You try to identify products that will strategically bring the other party to the table to change their mind", said Mark Warner, an worldwide trade lawyer and principal at Toronto's MAAW Law, in March.

The US has an approximately $38bn trade in goods deficit with the European Union, with about $78bn exported to Europe from the US, and $116bn going the other way.

"Those talks are taking longer than we had hoped".

The EU has threatened to retaliate with tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of Republican legislators who they wanted to stand up to Trump.

Alongside motorcycles, the EU has said it could slap additional tariffs on orange juice, whiskey and Levi's jeans, which would hit United States exporters and push up the cost of imports for European shoppers.

Steel pipes to be exported are seen at a port in Lianyungang, Jiangsu province.

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