US to impose steel, aluminum tariffs on EU, Canada, Mexico

Commerce Secretary Wilbur Ross has warned Europe its new privacy laws could hurt the continent with less communication coming from America including vital alerts about possible disease outbreaks

European Union countries have given broad support to the Commission's plan to set duties on 2.8 billion euros ($3.4 billion) of USA exports, including whiskey and motorbikes, if Washington ends the European Union tariff exemption.

He said he planned to travel to China on Friday for trade talks between the world's two biggest economies.

The decision to impose tariffs came as a shock to Canada and Mexico, as both countries thought they would be spared from the levies because of earnest negotiations they have had with administration officials over NAFTA. Even though the exemptions have covered more than half of steel imports, steel prices have moved higher this year.

The EU has threatened to retaliate with tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of Republican legislators who they wanted to stand up to Trump.

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

Secretary Ross made it clear thta restructuring tariffs on US goods is a high priority for the Trump administration. "It's not that we can't talk just because there's tariffs".

Ross and Lighthizer seemed like the odd men out at this week's gathering at the OECD, an worldwide economic agency that includes the U.S.as a prominent member.

"We had discussions with the European Commission and while we made some progress, they also did not get to the point where it was warranted either to continue the temporary exemption or have a permanent exemption", Ross said.

Moto Z3 Play launch event may be coming in just two weeks
It's noteworthy that the original G6 Plus launched with 4GB of RAM and a lower-placed Snapdragon 630 processor. The two devices have been launched in Sao Paulo, Brazil last month, alongside another variant Moto G6 Plus .

Dow Jones components Boeing (BA) and Caterpillar (CAT), heavy steel users vulnerable in a trade war, fell more than 1%.

Prior to Ross's announcement, a senior Canadian official, speaking on condition of anonymity citing the sensitivity of the situation, confirmed Canada has prepared a list of USA products that might face retaliatory tariffs, but declined to give further details.

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

Europe had promised swift retaliation if it was hit with the trade penalties, and had warned it could quickly respond with 25% tariffs on USA products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter. "The president's overwhelming objective is to reduce our trade deficit". "The government is absolutely prepared to and will defend Canadian industries and Canadian jobs".

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

For the past couple of months, it has looked like a trade war might be avoided, Greg Valliere, chief global strategist at Horizon Investments, wrote in a note distributed early Thursday morning. That hurts the companies and can lead to more expensive consumer prices, economists say.

However, French President Emmanuel Macron, on Wednesday, warned against the dangers of starting a trade war.

"These solutions might bring symbolic satisfaction in the short term". But German Economy Minister Peter Altmaier insisted the Europeans were ready to negotiate special trade arrangements, notably for liquefied natural gas and industrial goods, including cars.

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