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Canada hits United States with billions in retaliatory tariffs in steel row

04 June 2018

Trump has vowed to press ahead with tariffs on as much as $50 billion in imports from China.

"This is a bad day for world trade".

Mr Trump originally imposed the tariffs in March, saying a reliance on imported metals threatened national security.

UNDER THE STAR. This picture taken on Friday shows Christine Ribbe, commanding officer of French navy ship Surcouf, during a ceremony on board the ship as it is anchored at a dock in Ho Chi Minh City.

The Trump administration's decision to impose punishing new tariffs on Canadian steel and aluminum could have dire consequences for Canada's defence sector and drive up the price of new military equipment, federal ministers said Thursday. The tariffs are part of Trump's effort to protect US industry and workers from what he described as unfair global competition, a key theme of his "America First" agenda.

Speaking on the sidelines of a meeting of finance ministers and central bankers of the Group of Seven ― the world's seven leading economies ― European Commission Vice President Valdis Dombrovskis told Reuters such an approach made it tougher to bring China in line. But the US and China both propose justifying tariffs under domestic law, rather than following established WTO procedures, which could undermine the WTO's ability to mediate.

Public companies may feel pressure from shareholders who would expect them to fight the US government in court and get an injunction, he said in an interview.

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And, on Sunday, the president said an American delegation was meeting with North Korean officials in preparation for the meeting. Both are former spy chiefs and met in Pyongyang during the secretary of state's visits there in April and again this month.

Le Maire had earlier Friday referred to the talks as a "G6 plus one", with the United States standing apart, adopting a joke circulating among attendees at the weekend.

But hope faded when US Commerce Secretary Wilbur Ross announced that the United States would impose tariffs of 25 percent on steel and 10 percent on aluminum from Canada and others from Friday.

But she added that the European Union "has to defend its interest".

"If players in the world don't stick to the rule book, the system might collapse".

Cecilia Malmstrom, the European Union trade commissioner, announced the European Union would be seeking to implement a number of retaliatory tariffs on American products by June 20.

Macron told Trump in a telephone call that the tariffs were "illegal", and Merkel said the measure "risks touching off spirals of escalation that in the end hurt everyone".

"On a long-term basis, if you're raising the price of probably the biggest raw material input in a vehicle, you're going to make any production of vehicles in Canada and the US less competitive against foreign manufacturers and it might suddenly make Asian imports more attractive to consumers". But talk of a trade war is alarming to many USA business leaders, who largely support existing trade deals, and the securities markets, which fear lower profits and slower economic growth if the US turns protectionist and other countries retaliate.

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In the very next year, Zidane upped the ante with another European Cup victory against the mighty Italian side Juventus. Madrid has given me everything and I'm going to be close to this club throughout my life, ' he said.

President Trump said the United States had been unfairly treated in trade with its neighboring and oversees partners.

Nevertheless, "the uncertainty about future trade and Trump's contempt for global rules can deal a significant blow to business confidence especially in trade-oriented nations", the expert said.

That was "completely grotesque", Lamy said. We build things together.

Stock prices slumped amid fears of a trade war, with the Dow Jones Industrial Average falling almost 252 points, or 1 percent, to 24,415.84.

The expansion builds on new funding announced in late April of an initial outlay of more than $30 million over five years to hire 40 new officers to investigate trade-related complaints, including those linked to steel and aluminum.

"I know he has a very particular problem with German cars", warned Malmstrom.

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Canada hits United States with billions in retaliatory tariffs in steel row