USA to slap tariffs on European Union steel and aluminium

31 May 2018, 05:42 | Andres Norman

U.S. Commerce Secretary Wilbur Ross leaves his hotel in Beijing

U.S. Commerce Secretary Wilbur Ross leaves his hotel in Beijing

The US decision to enact the steel and aluminum tariffs comes after European Union trade commissioner Cecilia Malmström and US Commerce Secretary Wilbur Ross met in Paris on Wednesday.

The tariffs were originally announced on March 1 when President Donald Trump said that the United States was being treated unfairly.

'Tariffs on steel and aluminum imports to the US can help local producers of the metals by making foreign products more expensive.

The EU is expected to quickly retaliate with promised tariffs of about $3.3 billion on iconic American products such as bourbon, jeans and motorcycles.

That announcement came about a month after the Canada Border Services Agency was granted extra powers to identify businesses that try to dodge import duties and ship cheap foreign steel and aluminum through the Canadian market.

"It makes it really hard to believe that deliberations are in good faith if you're taking capricious actions like this that really hurt the other parties", he said.

The Trump administration announced on Thursday that it would impose tariffs on metals imported from its closest allies, a measure that could provoke retaliation against American businesses.

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

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

Oil Traders Brace For Renewed Sanctions On Iran
USA bank Morgan Stanley said it had raised its Brent price forecast to $90 per barrel by 2020 due to a steady increase in demand. West Texas Intermediate (WTI) crude futures were at $71.67 a barrel, up 18 cents, or 0.3 percent, from their last settlement.

Interview Magazine, founded by Andy Warhol, folds after almost 50 years
Interview has also faced a spate of lawsuits recently, starting with former employee Deborah Blasucci filing in November 2016. Interview Magazine , founded by artist Andy Warhol and journalist John Wilcock, is closing down after almost 50 years.

Houston provides update on Chris Paul's injury
Paul has been sidelined by a hamstring injury on four occasions during his career, according to ESPN Stats & Information. Just too many turnovers, too many reaches, and if we settle down a little bit, we're going to be in really good shape".

Trudeau and French President Emmanuel Macron made their cases separately Wednesday to dissuade Trump, who is using a national-security clause in US trade law to justify the move.

"Those talks are taking longer than we'd hoped, there is no longer a precise date when they may be concluded, so they were added into list of those who will bear tariffs", he said.

U.S. Commerce Secretary Wilbur Ross attended meetings at the Organization for Economic Cooperation and Development in Paris on Wednesday, and U.S. Trade Representative Robert Lighthizer joins discussions in Paris on Thursday.

"So, the fact that we took the tariff action doesn't mean that there can not be negotiation", he said.

If the US moves forward with its tariffs, the European Union has threatened to impose retaliatory tariffs on USA orange juice, peanut butter and other goods in return.

South Korea had previously reached a deal with the Trump administration for an exemption.

The administration's biggest concern is over steel exports from China, but the White House believes overcapacity in other nations must similarly be addressed.

Last week, Trump launched yet another national security investigation into auto and truck imports that could lead to even more tariffs.



Other News

Trending Now

Eagles Players, Owner React to NFL’s New National Anthem Policy
For some reason, people don't seem to remember that, but we never had a player kneel past year . That NFL followed suit, pandered to their fan base, created this hysteria.

Buhari greets Muslims on Ramadan fast
Muslims in India, Pakistan and Bangaldesh normally begin Ramzan fasting a day later than Saudi Arabia and other GCC countries. In the Middle East, worshippers pack mosques for nightly prayers before heading home to watch Ramadan television specials.

Behold LeBron James, regardless of what's next
Jayson Tatum scored 24 points to lead the Celtics, who lost at home for the first time this postseason in 11 games. I just voiced my opinion in certain timeouts and got back on the floor and had fun and had joy with the game".

Memorial Day weekend travel times to avoid
Smith said the high prices are causing him and others to stay home this holiday weekend. "The price won't stop us from traveling". While just across the bridge, the Upper Peninsula has some of the lowest gas prices in the state.

Liverpool out to end Real hegemony in Champions League final
This club has it in its DNA that it can really go for the big things. "I love that side of it because it motivates me a lot". Salah never settled and was eventually discarded by the west London club after only 13 appearances under Jose Mourinho.

College men's golf: Saints delayed at NCAA championship
No. 27 UNF is now third at 5-under, while No. 33 Pepperdine is second at 7-under and No. 3-ranked Oklahoma is first at 9-under. Head coach Mike McGraw has now led teams to NCAA Championships in 19 of 21 years in Division I coaching.

The 2018 World Cup Anthem Features Nicky Jam, Will Smith, and Diplo
It will be Smith's first foray into the music scene since 2015 when he featured in Colombian band Bomba Estéreo's "Fiesta". The song will hit streaming platforms on Friday (May 25) while the FIFA World Cup begins in Russian Federation on June 14.

'American Idol' Contestants Caleb Lee Hutchinson & Maddie Poppe Are Dating
The "Swish Swish" singer has officially given her stamp of approval to the young American Idol couple. The country star was joined by the runner-up of the singing competition, Caleb Lee Hutchinson .

Star Wars Boba Fett Movie In Development From 'Logan' Director
There's something about the last minute reveal at the end of Solo: A Star Wars Story that feels at once inevitable and surprising. With all these factors combined, clearly for most , going to the beach or a barbecue was the better option this holiday weekend.

FDA OKs first non-opioid treatment for opioid withdrawal
More patients in the Lucemyra group completed the treatment period of the studies vs patients in the placebo group. For opioids, withdrawal symptoms can include runny noses, sleep problems, sweating, nausea, vomiting and more.