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US Imposes Tariffs on Canada, Mexico, Europe

US Imposes Tariffs on Canada, Mexico, Europe

Compiled from Associated Press reports
Updated: May 31, 2018 12:13 PM

WASHINGTON (AP) - The Trump administration has announced tariffs on steel and aluminum imports from the European Union, Canada and Mexico. The move is sure to raise worries of a trade war with American allies.

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Commerce Secretary Wilbur Ross says there will be a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

President Donald Trump announced the tariffs in March but the U.S. granted exemptions to the E.U., Canada, Mexico and other U.S. allies.

Ross says talks with Canada and Mexico over the North American Free Trade Agreement are "taking longer than we had hoped." He says negotiations with Europe have "made some progress" but not enough to merit an exemption.

Investors responded by selling U.S. companies that rely on the metals and bidding up domestic producers.

Shares in U.S. Steel and Century Aluminum rose. Shares of Deere & Co., which makes farming equipment, and construction equipment maker Caterpillar fell as investors anticipate that manufacturing costs could rise.

Other losers among U.S. companies are consumer products makers, which could be hurt by tariffs that might be imposed by the European Union on products including peanut butter and orange juice.

The EU stands ready to retaliate immediately. European Commission President Jean-Claude Juncker says "it's totally unacceptable that a country is imposing unilateral measures when it comes to world trade."

Ontario Premier Kathleen Wynne called Trump a "bully" and says the tariffs are "ridiculous and unwarranted." She says Trump's actions will hurt jobs in the United States and Canada.

The conservative groups backed by the wealthy brothers Charles and David Koch, Freedom Partners Chamber of Commerce and Americans for Prosperity, are coming out in opposition to the tariffs. They say the tariffs are tax increases on all Americans and are warning that the penalties will undermine the nation's economy and low unemployment rates.

Credits

Compiled from Associated Press reports

Copyright 2018 The Associated Press. All rights reserved.

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