Commerce Secretary Ross Brings EU to the Negotiating Table with Tariff Threats

President Trump plans to impose steel, aluminum tariffs on the European Union

U.S. levies steel, aluminum tariffs on allies, risks trade war

That will be interpreted as another push for the European Union to settle the metal tariffs dispute through a new overarching trade deal with the US.

"Such a move would hit American manufacturers with higher costs, slow the growth of the USA construction sector, and put the brakes on job creation in both of these key industries", the Chamber said.

The Prime Minister's Office said they "all agreed to continue to defend the Canadian steel and aluminum industry from unwarranted tariffs and to stand up for the best interests of all Canadian workers and businesses".

Some €6.4bn worth of European Union exports are expected to be affected by the United States tariffs. "This is protectionism, pure and simple", Juncker said.

Trump's announcement lifted American steel and aluminum stocks because those companies stand to benefit from penalties against their foreign competitors.

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On Wednesday, the Trudeau government said it would take additional steps to prevent foreign steel and aluminum from being dumped into the North American market - news that appeared created to try to head off the tariff decision.

Exports: About half of Canada's production is exported, mostly to the U.S.

Trump is also considering hefty tariffs on automobiles and a slew of Chinese imports, and struggling to renegotiate the North America Free Trade Agreement (NAFTA) with Canada and Mexico.

Trump announced worldwide steel and aluminum tariffs in March but granted exemptions to some major trading partners.

The three allies were previously given temporary exemptions from the duties - 25 percent on steel imports and 10 percent on aluminum.

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European leaders have declared a "bad day for world trade" after the United States announced it will impose tariffs on metal imports from the EU.

It will also lodge a case with the World Trade Organization (WTO).

Commerce Secretary Wilbur Ross said the president acted on national security grounds, seeing a rising tide of imports as a threat to the domestic metals industry.

Ross, meanwhile, said that he still plans to leave for China on Friday for the resumption of trade talks.

The Trump administration imposed the duties on imports from most other USA trading partners earlier this year to stem a flood of cheap steel and aluminum into the country. Even though the exemptions have covered more than half of steel imports, steel prices have moved higher this year. Given the delicate nature of these issues, which have vast implications for Mexico and Canada's economies, Trump's saber rattling may hurt more than help according to Alden. In the case of Canada and Mexico, the US had hoped to address its national security concerns in the context of ongoing efforts to renegotiate NAFTA, but those talks have taken longer than expected and there is now no precise end date in sight, Ross said. Although Germany is the eighth largest source of steel imports for the United States, the USA market amounts to a low single-digit percentage of the overall German steel industry.

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