USA defense sector braces for Trump tariff fallout

Prime Minister Justin Trudeau speaks during a Bloomberg Businessweek Debrief event
Prime Minister Justin Trudeau speaks during a Bloomberg Businessweek Debrief event
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01 June, 2018

Trade Commissioner Cecilia Malmstrom added that the US, through months of negotiations, threatened steep tariffs in order to obtain trade concessions from the EU.

The initial tariffs were announced in March by the US President Donald Trump, who claimed that the US had been treated unfairly by its trade partners for years.

Mr Fox said: "It's very disappointing that the United States has chosen to apply steel and aluminium tariffs. all in the name of national security". "But we see no sign of that in this action today by the USA administration".

U.S. President Donald Trump greets Canadian Prime Minister Justin Trudeau in the Oval Office at the White House.

"So I answered that, unfortunately, if that was a precondition to our visit, I was unable to accept - and so we did not go to Washington for that day of negotiations".

"In the case of the United Kingdom, where we send steel to the United States that is vital for their businesses and their defence industry, it is patently absurd".

The Government Of Canada has said in the past that it would retaliate against the States if these tariff's were imposed on Canada.

Ross played down the potential negative impact on the US economy from the duties. A similar finding was issued regarding aluminum imports.

On Wall Street, the Dow Jones Industrial Average is down 145 points or 0.62 per cent.

Republicans in Congress called the tariffs "dumb" and "damaging" after the White House announcement, and a USA retail industry trade group said they "will raise the cost of doing business for thousands of American companies, including retailers, and will stifle efforts to expand and create jobs".

The trade actions have also opened the U.S.to criticism that it's burning bridges just as Trump is seeking to rid North Korea of nuclear weapons and help stabilize the Middle East.

The Trump administration has demanded that Beijing make concessions and threatened to punish it for allegedly stealing USA technology by imposing tariffs on $50 billion of imports from China.

Ross told reporters Thursday that talks with Canada and Mexico over revising NAFTA were "taking longer than we had hoped".

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"The decision announced today is a significant threat to the 22,000 Canadian households whose livelihoods are directly supported by employment in Canadian steel", said Joseph Galimberti, president of the Canadian Steel Producers Association. He said he would travel to China on Friday for trade talks this weekend.

Europe had previously outlined a list of items, including USA bourbon, cranberries and jeans, as potential targets for retaliation. The EU will decide exact countermeasures in coming weeks, according to the French officials.

But Macron said those "who waged bilateral trade wars ... saw an increase in prices and an increase in unemployment". The EU move could heighten pressure on Washington.

The tariffs could hinder the negotiations among the North American neighbors.

The U.S. came to "satisfactory alternative" agreements with Argentina, Australia, and Brazil to extend exemption while details of those were finalized.

U.S. Commerce Secretary Wilbur Ross. "We will not accept this highly regrettable decision without reacting", says Manfred Weber, Chair of the EPPGroup in the European Parliament and a close ally of German Chancellor Angela Merkel.

France's Finance Minister Bruno Le Maire had met with Ross on Thursday in a bid to end the stand-off over steel and aluminium.

The UK said: "We will continue to work closely with the European Union and US Administration to achieve a permanent exemption, and to ensure that UK workers are protected and safeguarded". "This month he called it a "horrible" disaster for the USA economy".

The EU had "no choice" but to bring a case before the World Trade Organization and impose duties on USA imports, he added.

Trump's Republicans are fighting to retain control of Congress in the midterms.

An official statement from the European Commission says it is determined to shield the EU steel and aluminium markets from damage caused by additional imports that might be coming into the EU as a result of the closure of the USA market.

Sen. Orrin Hatch (R-Utah) said the import duties are a "tax hike on Americans".


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