What's happening with Donald Trump's tariffs?
Businesses say the 25 per cent tariff on imported steel and 10 per cent levy on aluminium will jack up costs, raising prices for consumers and potentially putting people out of work. He also left room for other countries to negotiate exclusions.
Mr Trump indicated he would be flexible towards America's "real friends", saying Canada and Mexico would be permanently exempted if the ongoing renegotiation of the North American Free Trade Agreement (Nafta) is successful.
Trump has made strong hints that Australia will be given special consideration, given the special ties between the two countries, but no firm answer.
But if no deal is reached in negotiations among the three countries that began in August, "then we're going to terminate NAFTA and we'll start all over again or we'll just do it a different way", Trump added.
On Wednesday, Pittsburgh-based US Steel announced it would resume steelmaking at a big plant in IL, bringing 500 former employees back to work, 21/2 years after they were idled. Great country, long-term partner.
"We can't even sell our farming goods in there, they totally restrict us. We'll be doing something with some other countries". The EU, however, did not leave the meeting with the exemption from the new tariffs it is looking for.
"We are prepared and will be prepared if need be to use rebalancing measures", European Commission Vice President Jyrki Katainen told reporters in Brussels.
In Sydney, Prime Minister Malcolm Turnbull said there is no case for imposing tariffs on Australian steel. But it's not clear what would happen if those talks fall through.
The EU will respond to the Trump's import duties
We can not possibly be a threat to national security in the USA , so we are counting on being excluded", she said. Republican Senator Jeff Flake, a critic of the president, said he would introduce a bill to nullify the tariffs.
The World Trade Organisation could challenge the tariffs.
Philip Levy, a former trade adviser in President George W. Bush's administration, told AP that the flaw in Trump basing his tariffs on national security was that military allies could ask to be excluded, undermining the president's stated objective of protecting domestic steel and aluminum mill jobs.
European Union officials said that while they shared USA concerns about overcapacity in the steel sector, tariffs were not the answer, and stressed Europe's historic ties to the United States. "We've raised that point at every level of the administration, including with the President".
Asked on ABC's "This Week" whether Trump's national security adviser, H.R. McMaster, was among those caught off guard, Shah demurred.
"Under the WTO rules, the European Union can not put in these kinds of tariffs except after the WTO has found that the move by the USA violated the WTO rules".
In 2002, former President George W. Bush had imposed steel tariffs of up to 30 per cent, The New York Times reported.
Can Australia retaliate if it does not get an exemption? . Ross estimated that a 25 percent duty on imported steel might add $4 a month to the typical auto payment and less than half a penny to a can of Campbell's soup.
The tariffs have led to worries on Wall Street that a trade war could be brewing, causing volatility in a stock market already uneasy over the prospect of higher interest rates. China accounts for only a small fraction of USA steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.
Rim countries without USA involvement, a deal that will permit, among other things, more foreign auto imports into Canada - which has already infuriated US automakers and Canada's auto workers.