Bad day for world trade: Brussels vows to retaliate against US tariffs in coming hours
The response followed Washington’s decision on Thursday to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico. The countries had been granted a temporary exemption from the tariffs introduced by the White House on March 1. The metal tariffs will come into force at midnight (04:00 GMT) on Friday.
Justifying US steel tariffs based on national security concerns is “grotesque”, according to Germany’s steel industry association.
“The US measures are a protectionist intervention in international trade and run counter to the principles of the World Trade Organization,” the body said in a statement, сalling for a swift WTO decision on challenges to the tariffs.
Canadian authorities said they would take retaliatory steps, responding to the US metal tariffs, according to government sources, as quoted by Canadian TV channel Global News.
Canada has already mulled over several counter measures with the decision expected to be made after consultation with relevant ministries and heads of the regions, the channel reported Thursday.
President Trump said the US had been unfairly treated in trade with its neighboring and oversees partners. The US President has threatened to respond to any new EU trade barriers with a tax on cars produced by European automakers.