U.S. metals tariffs won't 'break' Canada's economy: Economist

President Donald Trump announced in March that the United States would slap a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum citing national security

Trump Slaps Steel and Aluminum Tariffs on the E.U., Canada, and Mexico

Trump tweeted this morning: "Canada has treated our Agricultural business and Farmers very poorly for a very long period of time. Highly restrictive on trade!" the president wrote on Twitter.

"The United States has been taken advantage of for many decades on trade". They report a really high surplus on trade with us.

"Canada is a secure supplier of aluminum and steel to the US defense industry, putting aluminum in American planes and steel in American tanks", Trudeau said.

French President Emmanuel Macron said in a statement on Friday that he told Trump in a phone call that the new United States tariffs on European, Mexican and Canadian goods are illegal and a "mistake". Brussels has lodged an eight-page list at the worldwide trade body of goods it would hit with retaliatory measures.

On NAFTA, Trump said: "Earlier today, this message was conveyed to Prime Minister Justin Trudeau of Canada: The United State (sic) will agree to a fair deal, or there will be no deal at all".

Prime Minister Justin Trudeau announced that Canada will impose retaliatory tariffs on $12.8 billion worth of USA goods in response to Trump's metals tariffs.

The EU's planned measures hit USA exports running the gamut from big motorcycles like the Harleys, built on the home turf of House Speaker Paul Ryan, to "canoes", "manicure or pedicure preparations" and even "sinks and washbasins, of stainless steel" - the proverbial kitchen sink.

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"This is the strongest trade action Canada has taken in the post-war era", Freeland said. "We are expecting everybody to play by the rules". He suggested the European Union should also raise import tariffs, but not to the same extent as the Trump administration.

Canada announced plans to slap tariffs on $12.8bn of United States products, ranging from steel to yogurt and toilet paper. Infuriated, the jilted USA allies vowed to retaliate with tariffs of their own. Additional measures may be implemented until the U.S. changes its position on trade. "That is why we are challenging the U.S. and China at the WTO", EU trade commissioner Cecilia Malmstrom told a news conference in Brussels. "So now this door for the moment is closed".

Earlier this week, the White House said it is moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.

Ross denied claims that USA tariffs would harm its own steel-consuming industries.

The steel and aluminum tariffs could also complicate the administration's efforts to renegotiate the North American Free Trade Agreement (Nafta) with Canada and Mexico, a pact that Mr Trump has condemned as a job-killing "disaster". To be honest with you, they can not believe that they've gotten away with this for so many decades'. Last year, Bay State businesses exported almost $3 billion in goods to Canada and another $2.5 billion to Mexico.

European Union exports subject to the USA duties are worth 6.4 billion euros (US$7.5 billion).

Identical tariffs were also placed on imports from Mexico and the European Union.

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NAFTA came into full force in 1994, and the latest discussions with the U.S. administration are the largest proposed renegotiations in the continental free trade agreement's history.

Mexican authorities did not say when the tariffs would come into effect or at what rate they would be.

"So it's not like the trade is imbalanced against the U.S.' favor on this one", Trudeau told Todd.

Malmstrom said over-production from China, not Europe, was to blame for the glut of steel that prompted the US action.

Trump had offered the two U.S. neighbours a permanent exemption from the steel and aluminum tariffs if they agreed to USA demands on NAFTA.

Dutch Trade Minister Sigrid Kaag added that a 1962 trade law allowing protection for US producers on national security grounds that Trump had invoked belonged to a different era.

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