European Union plots counterstrike to American tariffs

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"Canada in North America is increasingly looking to the a competitor as opposed to a trade ally", MacKay said. But they did not sound optimistic.

The newspaper reported on Friday that Iowa pork producers could take another hit if Mexico follows through on its threat to impose a 20 percent tariff on hams and pork shoulders from the U.S.

Officials from the three trading partners - among Washington's closest allies for decades - have dismissed the idea that their shipments to American customers endanger the United States - and some prominent Republicans attacked the tariffs as wrongheaded.

Secretary of Commerce Wilbur Ross is playing hardball with the European Union ahead of a fast-approaching deadline to extend steel and aluminum tariff exemptions. In fact, they account for half of US steel exports.

He added: "The U.S. now leaves us with no choice but to proceed with a WTO dispute settlement case and with the imposition of additional duties on a number of imports from the U.S. We will defend the Union's interests, in full compliance with global trade law". "Nothing", French President Emmanuel Macron said Wednesday. "At the same time, most of his product is made out of aluminum, and there is great uncertainty as to what the tariffs do to actually the price of his core product". Well, they have a 2 billion surplus on steel with us. That hurts the companies and can lead to more expensive consumer prices, economists say.

On CTV's Question Period, Finance Minister Bill Morneau said he will be speaking with his US counterpart Treasury Secretary Steven Mnuchin about how these tariffs are in neither country's best interest. He pledged that the European response would be "united and firm".

The U.S. tariffs coincide with - and could complicate - the Trump administration's separate fight over Beijing's strong-arm tactics to overtake U.S. technological supremacy and negotiations to rewrite the North American Free Trade Agreement.

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"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to USA industry including in defence projects which bolster U.S. national security".

German Finance Minister Olaf Scholz told reporters he had let Mnuchin know the tariffs were "unacceptable".

"In light of the mounting evidence that these tariffs will harm Americans, I will continue to push the administration to change course", he said in a statement. He noted that "China has not used that as an excuse not to negotiate". The US President had also threatened to respond to any new EU trade barriers with a tax on cars produced by European automakers. "It's not about who attacks whom, and then wait and see who is still standing at the end".

"I'm starting to worry that he's not going to get what he wants through NAFTA", said Ambrose, who is a member of the federal NAFTA advisory panel.

Ross and Lighthizer seem like the odd men out at this week's gathering at the OECD, an worldwide economic agency that includes the a prominent member.

The OECD also said persistent high oil prices could push up inflation and push down household incomes.

The trade tariffs have potential ramifications for world growth, not just for this year or next year, but the longer term.