European Union has 'gun held to head' on steel tariffs

European Union has 'gun held to head' on steel tariffs

European Union has 'gun held to head' on steel tariffs

That will be interpreted as another push for the European Union to settle the metal tariffs dispute through a new overarching trade deal with the US.

The tariffs - 25 percent on steel and 10 percent on aluminum - will take effect at midnight Thursday, marking a major escalation of the trade war between the USA and its top trading partners. U.S. House Speaker Paul Ryan said the deadline to receive a notice of intent to sign a deal was May 17, and then said there may be a couple of weeks of wiggle room, placing the deadline around now. If Canada was hit by "frankly absurd" steel and aluminum tariffs, "we will respond appropriately", she said.

European Union leaders have a "gun held to their head" over the threat of USA tariffs on steel imports, the head of trade body UK Steel has warned.

"Mexico reiterates its openness to constructive dialogue with the United States, its support for the worldwide commerce system and its rejection of unilateral protectionist measures", it said.

The Trump administration is making good on its threat to slap Canada with hefty steel and aluminum tariffs, setting the stage for a possible trade war and leaving Prime Minister Justin Trudeau in the middle of a very divided group of leaders at next week's G7 summit. Ross denied this impression and said that there has been transshipment of Chinese steel and aluminum.

The countries are major US steel and aluminum suppliers and both considered the threat of tariffs to be an irritant at best, an insult at worst.

Finance Minister Bill Morneau said in a statement late Wednesday that Canada has expanded the scope of its country of origin marking regime for steel and aluminum products to better determine where they come from. As have been released publicly, those talks are taking longer than we had hoped. A temporary reprieve is due to expire tomorrow.

IDF: Explosives-laden drone from Gaza discovered in Israel
Just hours before this announcement, the IDF announced that it had deactivated an explosive wired to a border fence. A spokesperson for the Iran-backed terrorist group confirmed the men were members of its military arm.

US Commerce Secretary Wilbur Ross on Wednesday rejected calls to extend exemptions on the punishing import tariffs and warned that duties for massive US imports of automobiles were on the horizon.

Mr. Trump announced in March that the United States would slap a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, citing national security interests. The decision will punish the US's closest allies, including Canada, Europe and Mexico.

Such an action could hurt Mexico, Canada, Germany and Japan.

Canada was the largest exporter of steel to the United States by value a year ago, according to data from Wood Mackenzie.

Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with USA trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed.

"There is potential flexibility going forward", Ross said.

"We will immediately introduce a settlement dispute with the World Trade Organisation (WTO) and will announce counter-balancing measures in the coming hours", he added.

Related news