European Union joins battle vs.Trump tariffs

Canada to impose tariff 'countermeasures' on US

Economy Minister Ildefonso Guajardo said the tit-for-tat measures would complicate talks between the United States, Canada and Mexico to revamp the North American Free Trade Agreement (NAFTA) that underpins trade between the neighbors. But it granted an exemption to the European Union and other USA allies; that reprieve expires Friday.

When asked how a tariff war would affect a US-UK trade deal, Fox said: "The US administration has made clear gains this week that they are very keen to see an agreement with the UK but regard steel imports as an European Union issue".

Trump also repeated his inaccurate claim that Canada runs a trade surplus with the United States.

As a trade war between Canada and the USA ignites on the back of new tariffs announced by both sides on Thursday, former Canadian foreign affairs minister Peter MacKay says the "friendly fire" will lead to collateral damage that will ripple across many different sectors.

"The French, British and Germans held firm", French Finance Minister Bruno Le Maire told reporters.

"We are imposing dollar-for-dollar tariffs for every dollar levied against Canadians by the United States", Freeland said. What's more, many top foreign brands such as Toyota and Honda have manufacturing facilities located in the U.S.

"They chose not to offer a reasonable quota, and we had to put the tariffs on", he said.

These countermeasures consist of two lists of goods: one list that will be subject to a 25-per-cent tariff and a second list that will be subject to a 10-per-cent tariff.

Aluminum and steel users disappointed with imposition of hefty USA tariffs
Bruno Le Maire, France's minister of the economy and finance, said the USA tariffs are "unjustified, unjustifiable and unsafe ". Meanwhile, the OECD says threatened new trade barriers and rising oil prices could hurt long-awaited global economic growth.

EU Trade Commissioner Cecilia Malmstrom said the bloc was challenging the legality of the new USA tariffs, and that negotiations with Washington were not now possible.

"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.

The administration is taking the action under a relatively obscure USA trade law meant to protect national security.

The European Union on Friday formally set in motion its trade retaliation against the U.S. tariffs, filing a request for consultations at the WTO, which oversees disputes on global trade. Infuriated, the jilted US allies vowed to retaliate with tariffs of their own.

Just a week ago, US businesses may have thought they could breathe a sigh of relief, as the USA and China hit pause on an impending trade war. It is the top buyer of USA aluminum and the second-biggest buyer of US steel, Guajardo's ministry said.

Automakers responded negatively to the Trump administration's first announcement of the duties in March and on Thursday the trade group that represents foreign-brand vehicle dealers echoed that sentiment.

Fears of a global trade war are already weighing on investor confidence and could hinder the global economic upturn.

The government would be examining the impacts of the tariffs on all sectors, including the defence industry, and the best way to support them, he added.

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