Mexico, Canada and the European Union on Tuesday condemned US President Donald Trump\u2019s decision to impose tariffs on all steel and aluminium imports next month, a move that has fanned fears of a trade war.<\/p>\n
Trump signed proclamations late on Monday raising the US tariff rate on aluminium to 25 per cent from his previous 10pc rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals.<\/p>\n
The measures, which will take effect on March 12, will apply to millions of tons of steel and aluminium imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the US duty free under the carve-outs.<\/p>\n
Mexican Economy Minister Marcelo Ebrard said on Tuesday that the tariff decision was \u201cnot justified\u201d and \u201cunfair\u201d.<\/p>\n
Canada\u2019s Prime Minister Justin Trudeau called the tariffs \u201cunacceptable\u201d.<\/p>\n
European Commission President Ursula von der Leyen joined the condemnation, saying the 27-nation bloc would take \u201cfirm and proportionate countermeasures\u201d. Von der Leyen was meeting US Vice President JD Vance at an AI summit in Paris on Tuesday.<\/p>\n
The move will simplify tariffs on the metals \u201cso that everyone can understand exactly what it means,\u201d Trump told reporters. \u201cIt\u2019s 25pc without exceptions or exemptions. That\u2019s all countries, no matter where it comes from, all countries.\u201d<\/p>\n
Trump said he would follow with announcements about reciprocal tariffs on all countries that impose duties on US goods over the next two days, and said he was also looking at tariffs on cars, semiconductors and pharmaceuticals.<\/p>\n
Asked about threats of retaliation by other countries against his new tariffs, Trump said: \u201cI don\u2019t mind.\u201d<\/p>\n
Ready to retaliate
\nIn figures likely to further irk Trump, Germany\u2019s trade surplus with the US reached a record level last year of 70 billion euros ($72.3bn), according to data from the German statistics office.<\/p>\n
European Commission head Von der Leyen said she deeply regretted the US decision, adding that tariffs were taxes that were bad for business and worse for consumers. EU steel exports to the US have averaged about 3bn euros ($3.1bn) a year over the past decade.<\/p>\n
\u201cUnjustified tariffs on the EU will not go unanswered – they will trigger firm and proportionate countermeasures. The EU will act to safeguard its interests,\u201d she said in a statement.<\/p>\n
One option for the EU would be to reactivate the tariffs it imposed in 2018 that were suspended under a truce agreed between Von der Leyen and then-US president Joe Biden.<\/p>\n
The EU tariffs on US products such as bourbon, motorcycles and orange juice are currently suspended until the end of March.<\/p>\n
The American Chamber of Commerce to the EU, representing US companies active in Europe, also criticised the move as harmful to jobs, prosperity and security on both sides of the Atlantic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mexico, Canada and the European Union on Tuesday condemned US President Donald Trump\u2019s decision to impose tariffs on all steel and aluminium imports next month, a move that has fanned fears of a trade war. Trump signed proclamations late on Monday raising the US tariff rate on aluminium to 25 per cent from his previous […]<\/p>\n","protected":false},"author":1,"featured_media":5524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/5523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5523"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/5523\/revisions"}],"predecessor-version":[{"id":5525,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/5523\/revisions\/5525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/5524"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}