Published: Fri, June 01, 2018
Markets | By Josh Butler

U.S. tariffs: Tata Steel calls for 'protection measures'

U.S. tariffs: Tata Steel calls for 'protection measures'

Chrystia Freeland, the minister of foreign affairs for Canada, announced the specifics of the retaliatory tariffs, which are imposed on USA exports totaling to 16.6 billion Canadian dollars (over $12.8 billion), "representing the value of 2017 Canadian exports affected by the US measures".

The Mexican government, already at loggerheads with Trump over immigration and the border wall, said it would levy import taxes on U.S. exports of pork bellies, blueberries, apples, grapes, certain cheeses, and various types of steel.

In Canada, Prime Minister Justin Trudeau, who discussed the issue today with President Enrique Peña Nieto, announced tariffs of up to 25% on USA imports worth up to United States $12.8 billion, the value of Canadian steel exports to the USA past year.

Speaking to Sky News, the International Trade Secretary said he would not rule out retaliatory counter measures as "you can not look at every global issue through the prism of Brexit".

The White House defended the move by invoking national security as it stated excessive levels of aluminum and steel imports threatened to impair the security of the United States.

He says the US action leaves the European Union with no choice but to proceed with a case in the World Trade Organization.

European Union executive Susan Danger said USA companies in Britain oppose the decision and urged Trump to reconsider.

New tariffs imposed by the United States have been condemned by German business and political leaders, who say a trade war will damage economic growth and prosperity.

European officials, bracing for the tariffs, have threatened to retaliate against U.S. orange juice, peanut butter, kitchenware, clothing and footwear, washing machines, textiles, whiskey, motorcycles, boats and batteries. From Harley Davidsons to bourbon whiskey, Brussels has vowed to impose tariffs on iconic American products along with steel and aluminum.

Petrol prices rise for 13th straight day; nearly Rs 78 in Delhi
The petrol price was seen at Rs 74.80 per litre, the highest since September 2013, and diesel was seen at Rs 66.14 per litre. Super 95 petrol price will be revised upward 14 fils to Dh2.51 per litre from Dh2.37 per litre last month.

It's a bad day for world trade.

On Wednesday, the Trudeau government said it would take additional steps to prevent foreign steel and aluminum from being dumped into the North American market - news that appeared created to try to head off the tariff decision.

United States manufactures warned the Trump administration that imposing tariffs on the EU, Canada and Mexico "places American manufactures directly in harm's way". The tariffs will officially take effect for these markets at 12.01 a.m. on Friday.

Donald Trump is in no doubt that slapping tariffs on European steel imports is the right thing for the USA to do.

In a more general context, she said that "if players in the world do not stick to the rule book, the system might collapse".

The country reacted quickly after Washington said in the morning it was moving ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union.

But Gareth Stace, the director of industry group UK Steel, said the tariffs "would have a profound and detrimental impact" on the UK steel sector.

The measures announced on Thursday ended months of uncertainty about possible exemptions, illustrating a hardening of the Trump administration's stance towards trade negotiations. Europe, along with Canada and Mexico had been granted a temporary reprieve since President Trump first announced the tariffs in March. We're at the front door of a trade war.

Leaders from other affected nations reacted furiously, setting out tariffs on the U.S., ranging from steel to sleeping bags and ballpoint pens.

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