Mexico Hits Back At Trump With Tariffs On US Goods

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The three close USA allies had been part of a small group of foreign governments that received temporary exemptions from the tariffs, until trade deals could be signed.

The US announcement of tariffs on steel and aluminium immediately triggered vows of retaliation from Mexico and the European Union, which called the tariffs "protectionism, pure and simple".

French Finance Minister Bruno Le Maire termed the USA tariffs as "unjustified unjustifiable and dangerous".

"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.

Shares of U.S. Steel and AK Steel jumped about 6 per cent each, while Nucor and Steel Dynamics gained more than 2 per cent.

Some stocks of USA companies that could be adversely affected by the tariffs, or by possible retaliatory action against the US, headed down. Likely targets are thought to be US exports of jeans, motorcycles and bourbon.

The proclamation means that steel and aluminum tariffs of 25 and 10 percent, respectively, temporarily delayed for these and various other countries, will now be imposed on the EU, Canada, and Mexico.

And Britain, which has hopes of agreeing a trade liberalisation deal with the U.S. after Brexit, expressed alarm at Ross's announcement. News reports say that Trump is determined to keep Germany luxury cars out of the U.S.

So far, only South Korea has received a permanent exemption from the steel tariffs, in exchange for agreeing to a quota - which limits the amount of steel it can send to the United States each year.

"We are trying to solve a complicated problem, the problem of overcapacity in steel, in China and elsewhere". U.S. Steel Corp., AK Steel Holding Corp. and Steel Dynamics Inc. all gained in NY.

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European leaders have declared a "bad day for world trade" after the United States announced it will impose tariffs on metal imports from the EU.

Trump announced worldwide steel and aluminum tariffs in March but granted exemptions to some major trading partners.

UK Steel said the tariffs will "see damage not only to the UK steel sector, but also the USA economy".

Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more US goods in a bid to cut America's $375 billion trade deficit with China.

The White House action comes as the Trump administration begins a similar national-security investigation into auto imports, which could lead to tariffs. It did not announce details, but the bloc has previously threatened 25% tariffs on U.S. products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter. "I would like to absolutely assure Canadian participants, those who work in steel and aluminum industries, that the government is absolutely prepared to and will defend Canadian industries and Canadian jobs".

"Global trade is not a gunfight at the OK Corral", France's finance minister quipped after meeting US Commerce Secretary Wilbur Ross, as reported by PTI.

The imposition of the tariffs on Canada and Mexico added another layer of complexity to the sluggish renegotiation of the North American Free Trade Agreement.

Canadian Prime Minister Justin Trudeau said at a press conference that Canada would enact $16 billion in countermeasures, effective July 1.

Trump's legal authority for imposing the tariffs rests on the claim that America's reliance on foreign steel is a threat to its national security. The action was mainly targeted at China over accusations of flooding the global market with cut-rate metals and dragging down prices.