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European Union has 'gun held to head' on steel tariffs

31 May, 2018, 18:29 | Author: Samuel Sharp
  • French President Emmanuel Macron right and Organisation for Economic Co-operation and Development Secretary General Angel Gurria arrive at the OECD ministerial council meeting on

Mexico responded to USA steel and aluminum tariffs by imposing wide-ranging "equivalent" measures, including on steel and farm products, the economy ministry said on Thursday.

The UK government's spokesperson stated that Britain and other European Union countries are close allies of the U.S. and thus should be "permanently and fully exempted" from the USA metal tariffs.

The move is a reaction to the Trump administration's decision to impose tariffs on steel and aluminum from the European Union, Mexico and Canada.

The EU trade commissioner, Cecilia Malmstrom, said the EU "did everything to avoid this outcome".

Last week, the United States administration launched a national security-based investigation that could result in stinging tariffs on the autos the U.S. imports annually, just as it has for the smaller aluminium and steel industries.

"World trade is not a gunfight at the OK Corral", Le Maire quipped, referring to a 1957 western movie.

The Commission has said the European Union will set duties on 2.8 billion euros (US$3.4 billion) of USA exports, including peanut butter and denim jeans, if its metals exports to the United States worth 6.4 billion euros (US$7.5 billion) are subject to tariffs.

"What we might see is damage not only to the United Kingdom economy but to the USA economy if we don't get a further extension. or indeed President Trump actually sees sense and understands that there will be no winners here". U.S. Steel climbed 3%.

Despite retaliatory threats from allies, however, Ross insisted that reaching deals with Canada, Mexico and European partners should not be put on hold just because the U.S.is moving forward with implementing the stiff tariffs.

That exemption was due to expire on Friday.

"The EU, Canada, and Mexico make up about half of USA steel imports, so the economic effect of these tariffs would be far more than anything we've seen to date", he said. She said if there were no exemptions, "We will respond in an intelligent, decisive and joint way".

'We think on the contrary that global trade must have rules in a context of multilateralism.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade". "So I think the difference between the USA approach and many others' is we feel a greater sense of urgency for reform than do numerous other countries". "Nothing", French President Emmanuel Macron said in an impassioned speech at the Organization for Economic Cooperation and Development in Paris.

By increasing the cost of imported steel and aluminum, companies that rely on the metals will be forced to either accept the higher costs and lower profits or pass on the price increase to consumers.

But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".

"This is not the way we do business, and certainly not between longstanding partners, friends and allies", Malmström said.


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