United Kingdom 'deeply disappointed' at USA steel tariffs: PM May

United Kingdom 'deeply disappointed' at USA steel tariffs: PM May

United Kingdom 'deeply disappointed' at USA steel tariffs: PM May

The EU took the U.S. to the World Trade Organisation to challenge the legality of the new tariffs and the Trump administration's national security justification.

The WTO´s so-called dispute settlement procedure can take a long time.

"Obviously, we still hope the United States will think again about this". Many prominent Republicans have criticized the administration's aggressive use of that justification, saying its trade actions will hurt the US economy.

So, with the tariffs and retaliation, does this qualify as a 'trade war?' Macron pledged the riposte would be "firm" and "proportionate" and in line with World Trade Organization rules.

She warned that the decision would effect United States defence projects.

The European Union and China said they will deepen ties on trade and investment as a result.

"I'll be stating very clearly our disagreement with the actions they've taken", Canadian Finance Minister Bill Morneau told reporters ahead of the meetings. It's counterproductive, that any government that embarks on a protectionist path inflicts the most damage on itself.

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Tariffs of 25 per cent on steel imports and 10 per cent on aluminium were imposed on the EU, Canada and Mexico from midnight in Washington on Friday.

The EU has filed a case at the World Trade Organization after the USA imposed a 25 per cent duty on European steel and a 10 per cent duty on European aluminium on Friday.

While the United States administration's decision to hit its European and North American allies with the metals tariffs was not aimed directly at China, it also sets the background for negotiations with Beijing, where Ross was headed on Friday for talks. "People have no idea how badly our country has been treated by other countries".

"Protectionism, pure and simple".

A list of countermeasures would include tariffs on USA metals and food products such as yogurt, pizza and cucumbers, as well as household products like mattresses and refrigerators.

The big similarity between softwood lumber and steel and aluminum is that the U.S.is going after key sectors of Canada's economy, said Jerry Dias, president of Unifor, Canada's largest private-sector union.

In a March 2 Twitter post, he declared trade wars "good, and easy to win", though later he denied the US and China are in one.

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Dr Fox said he would speak to United States commerce secretary Wilbur Ross about the situation again on Monday. Beijing has also launched a complaint over Trump's threat to impose tariffs on $50 billion worth of Chinese goods.

The director of trade body UK Steel, Gareth Stace, said he was "very, very worried" about the potential impact of a "double whammy" on British producers from the Trump administration's decision.

Prime Minister Justin Trudeau told a news conference the U.S. tariffs were "totally unacceptable".

Washington had granted Canada and Mexico an exemption on the metal tariffs to give the parties time to successfully negotiate a new free trade deal.

Mexico's ministry of economy pledged to impose equivalent measures, and included a partial list of USA goods that would face tariffs, including pork bellies, cheese, and produce such as grapes and apples.

The U.S. action widens a rift with America's closest allies, threatens to drive up prices for companies and consumers that buy steel and aluminum, heightens uncertainty for businesses and is already alarming investors in global financial markets.

Soaring demand for lumber from the booming USA housing construction sector, where housing starts are higher than they have been in a decade, has helped pushed prices to hover near record highs at US$658 per thousand board feet, according to Madison's Reporter.

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