Current Events > US to slap tariffs on steel, aluminum from EU on Thursday.

(+) Yeah! (+)

Washington will announce plans to slap tariffs on EU steel and aluminum imports as early as Thursday morning, sources said, while the U.S. commerce secretary said any escalation of their trade dispute would depend on the blocs reaction.

The two sources briefed on the matter said the decision would land before a Friday expiration deadline for exemptions to the planned tariffs.

They said the announcement was planned for Thursday morning in Washington but that the timing could still change. Commerce Secretary Wilbur Ross told French daily Le Figaro it would be announced either before markets opened or after they closed.

While not confirming directly that the U.S. would decide to impose tariffs, he said: Its up to the European Union to decide if it wants to take retaliatory measures. The next question would be: how will the (U.S.) President (Donald Trump) react? You saw his reaction when China decided to retaliate.

If there is an escalation it will be because the EU would have decided to retaliate, he said, adding that Washington did not want a trade war with the EU.

French Finance Minister Bruno Le Maire, whom Ross was scheduled to meet in Paris on Thursday morning, said on Wednesday that the EU did not want a trade war either but would respond if Washington imposed tariffs.

In March, Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, but granted temporary exemptions to the EU, Canada, Mexico, Brazil, Australia and Argentina.

Trump invoked a 1962 trade law to erect protections for U.S. steel and aluminum producers on national security grounds, amid a worldwide glut of both metals that is largely blamed on excess production in China.

The European Commission, which coordinates trade policy for the 28 EU members, has said the bloc should be permanently exempted from the tariffs since it was not the cause of overcapacity in steel and aluminum.

The Commission has said the EU will set duties on 2.8 billion euros ($3.4 billion) of U.S. exports, including peanut butter and denim jeans, if its metals exports to the United States worth 6.4 billion euros ($7.5 billion) are subject to tariffs.

The tariffs, which have increased friction with U.S. trading partners worldwide and prompted several challenges before the World Trade Organization, are aimed at allowing the U.S. steel and aluminum industries to increase their capacity utilization rates above 80 percent for the first time in years.

Economists say the standoff with the EU could tip toward a trade war, particularly after Trump last week launched another national security investigation into car and truck imports that could lead to new U.S. tariffs.

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.

Fridays deadline for exemptions also affects Mexico and Canada, which are in negotiations with the United States on the North American Free Trade Agreement that Trump has said he wants to revamp, or abandon if the talks fail.

https://www.rawstory.com/2018/05/us-slap-tariffs-steel-aluminum-eu-thursday-sources/

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Wow. WTF?

US metal tariffs are 99.9% done and will impact Mexico, Canada and the EU: Source

https://cnb.cx/2kDW6xJ

Trump: I don't want a Trade War. Now watch as I start a Trade War.
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This is going to backfire on Trump supporters the most, but even then I cant celebrate over it. God I hate this man.

Roshon posted...

This is going to backfire on Trump supporters the most, but even then I cant celebrate over it. God I hate this man.

unfortunately it may take quite a long time till we see the full adverse effects at force. And even then, will Trump supporters srsly be smart enough to pinpoint the connection? I doubt most even know what the implications of tariffs really are...

Europeans are takin our jerbs!
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Gone are the days where America actually worked with its allies.

Now its allies are just another competitor in the business Trump is running.
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Soon we'll watch the EU burn and then...
The world.
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US imposes metal tariffs on key allies

The EU has threatened "all necessary measures" in response

The US is to impose tariffs on steel and aluminium imports from the European Union, Mexico and Canada.

The 25% tariffs on steel and 10% on aluminium will begin at midnight.

The move, revealed by Commerce Secretary Wilbur Ross, will affect several key US allies - and Nato members - in Europe.

The UK was "deeply disappointed" by the US decision, while Europe's trade commissioner Cecilia Malmstrm called it a "bad day for world trade".

Mr Ross announced the sanctions from Paris, where he had been negotiating with EU leaders who were attempting to fend off the duties.

He said talks had not made enough progress to warrant further reprieve and acknowledged the possibility of retaliation.

"We will have to see what's their reaction," he said. "We continue to be quite willing and indeed eager to have discussions with all those parties."

French Finance Minister Bruno Le Maire had said the tariffs would be "unjustified and dangerous".

The EU would take "all necessary measures" to respond if the US did impose tariffs, Mr Le Maire warned.

"It's entirely up to US authorities whether they want to enter into a trade conflict with their biggest partner, Europe," he said before the announcement was made.

Ben Digby, of UK business lobby group the CBI, called the tariffs "deeply concerning" but urged the parties to be cautious, given the potential costs of a trade war.

"Now is not the time for any disproportionate escalation, and we urge the EU to consider this when initiating its response," he said.

https://www.bbc.com/news/world-us-canada-44320221

The EU has threatened "all necessary measures" in response

It's almost as if you can't actually win a trade war if your economy heavily depends on trade with others.

Get ready for a new economic depression!

ArchiePeck posted...

The EU has threatened "all necessary measures" in response

It's almost as if you can't actually win a trade war if your economy heavily depends on trade with others.

Get ready for a new economic depression!

Because when the populace is all broke and can't really focus on your corruption that means you can get away with even more disgusting self serving bullshit. Republicans are probably cheering right now. I wonder how many of them sold off their assists before Trump announced this move
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Spooking posted...

Roshon posted...

nd Nato members

We need to leave Nato. I hope Trump makes it a priority in the future.

Can you just leave the country instead?
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these go into effect at 12:00 AM on Friday (tonight)

https://www.reuters.com/article/us-usa-trade-metals/u-s -hits-eu-canada-and-mexico-with-steel-aluminum-tariffs-idUSKCN1IW1UY

(had to put in the same because gfaqs thought it was a swear word, ha)
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Ben Sasse: "This is dumb."

https://www.washingtonexaminer.com/news/congress/this-is-dumb-ben-sasse-hits-trump-over-steel-tariffs-against-canada-mexico-europe
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Oh look, retaliation:

The European Union issued a 10-page list of tariffs on US goods ranging from Harley-Davidson motorcycles to food products.

Canada plans to impose tariffs of up to 25% on about $13bn worth of US exports from 1 July. Goods affected will include some American steel, as well as consumer products such as yoghurt, whiskey and coffee.

http://www.bbc.co.uk/news/business-44324565

Well, there goes the economy...

Great. We're already gonna go back into a depression?
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War, war never changes.
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Why don't we take European Trade and PUSH it somewhere else!?
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