U.S. Levies Steel, Aluminum Tariffs on Allies
Canada and Mexico retaliated against the U.S. decision on Thursday to impose tariffs on steel and aluminum imports and the European Union had its own reprisals ready to go, reigniting investor fears of a global trade war.
The tariffs, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential exemptions and suggested a hardening of the Trump administration’s approach to trade negotiations.
Tariffs of 25 percent on steel imports and 10 percent on aluminum will be imposed on the EU, Canada and Mexico from midnight (0400 GMT on Friday), Ross told reporters.
Canada and Mexico, embroiled in talks with the United States to modernize the North American Free Trade Agreement (NAFTA), responded swiftly.
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