USA tariffs on steel absurd, says Liam Fox

U.S. Commerce Secretary Wilbur Ross testifies before a Senate Commerce Justice Science and Related Agencies Subcommittee in Washington

The exemption was set to expire on Friday.

The comments from Director-General Roberto Azevedo come in the wake of USA trade penalties on imported steel and aluminium. The government has launched a 15-day consultation period to hear feedback on the proposals.

Ontario Premier Kathleen Wynne, campaigning in advance of the June 7 provincial election, savaged the USA president as she called the tariff measure short-sighted and urged Trudeau "to take the strongest retaliation possible to protect our workers" and industry.

Commerce Secretary Wilbur Ross said starting Friday, steel and aluminuim products from will be subject to the same tariffs as most other nations when imported into the USA.

The European Commission's president, Jean-Claude Juncker, said Trump's action Thursday amounted to trade protectionism and that Europe would respond with countermeasures.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade".

As for the U.S.'s national security argument, Fox said, "In the case of the United Kingdom, we send steel to the USA that is vital to their defence industry; it is patently absurd". U.S. leaves us no choice but to proceed with a WTO dispute settlement case and the imposition of additional duties on a number of USA imports.

Outside the beer industry, multiple studies estimated that the steel and aluminum tariffs would result in a net loss of USA jobs and hurt the domestic economy. Growing trade tensions have clouded a benign outlook for the global economy, which is on track to grow at its fastest pace since 2011 this year and next, according to the International Monetary Fund.

The EU threatened to make good on a threat it issued in March to impose tariffs on imports from the USA that is 10 pages long, including everything from corn and tobacco, to T-shirts, Levi's jeans, bourbon, motor boats and various forms of steel. "We are awaiting their reaction".

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France's finance minister, Bruno Le Maire, called the US tariffs "unjustified, unjustifiable and unsafe".

The White House has sought to include a "sunset" provision in the NAFTA renegotiation for months, but Canada and Mexico have always been cool to the idea, saying it would remove any economic security and certainty for businesses trying to comply with trade rules. "Nothing", French President Emmanuel Macron said in an impassioned speech yesterday.

On Thursday morning, the USA government said that it's about to impose tariffs on Canadian steel and aluminum imports.

Loomis says there are 10,000 jobs directly related to the production of steel in Hamilton and those support another 30,000 spin off jobs.

The Trump administration said Tuesday that it is moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.

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.

United Kingdom exports of aluminium to the USA are tiny, but in March the UK's Aluminium Federation said it feared the 10% tariffs. Manfred Weber, a key ally of the German chancellor and leader of the biggest bloc in the European Parliament, accused the Trump administration of treating American allies as enemies. Our Steel and Aluminum industries are dead.

"By targeting those who are not responsible for overcapacities, the U.S.is playing into the hands of those who are responsible for the problem", he said. "That doesn't necessarily mean that it derails other discussions at all", he said.

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