Trump steel tariffs: Trading partners threaten retaliation

International Desk: The main trading partners of the US have reacted angrily after President Donald Trump announced plans to impose tariffs on steel and aluminium imports.

Canada and the EU said they would bring forward their own countermeasures to the steep new tarrifs, reports BBC today.

Mexico, China and Brazil have also said they are weighing up retaliatory steps.

Mr Trump tweeted that the US had been "decimated by unfair trade and bad policy". He said steel imports would face a 25% tariff and aluminium 10%.

However, critics argue that the tariffs would fail to protect American jobs and would ultimately put up prices for consumers.

The news sent shares in Asia down on Friday, with Japan's benchmark Nikkei 225 losing more than 2% by mid-morning.

Shares in Japan's car-making giant Toyota were down more than 2% and Nippon Steel stocks down more than 4%.

Toyota said the US decision would "adversely impact automakers, the automotive supplier community and consumers".

European Commission President Jean-Claude Juncker said the tariffs would put thousands of European jobs at risk.

"We will not sit idly while our industry is hit with unfair measures," he said. "The EU will react firmly and commensurately to defend our interests."

In Canada, the largest supplier of steel and aluminium to the US, trade minister Francois-Philippe Champagne said any tariffs would be "unacceptable".

Minister of Foreign Affairs Chrystia Freeland said Canada would take "responsive measures" if restrictions were imposed but did not give details.

Brazil, also a large steel exporter to the US, threatened "multilateral or bilateral" action to protect its interests.

Germany's steel industry federation, WV Stahl, said the US measures violated the rules of the World Trade Organization and would have a major impact on Germany's steel market.

Agencies


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