US President Donald Trump’s planned tariffs on steel and aluminum have met with massive outrage, and have sparked concerns that the measure will distort trade, cost jobs and ultimately lead to a tit-for-tat trade war.
After weeks of speculation, Donald Trump on Thursday followed through on his campaign pledge to protect American industries from “unfair” global trade practices as he announced stiff new tariffs of 25 percent on steel imports and 10 percent on aluminum.
The trade measure, due to come into force next week, was greeted with fury by key US trading allies such as Canada, the EU, Australia and Mexico.
European Commission chief Jean-Claude Juncker led the criticism, saying the EU “will react firmly” to defend its interests. “We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk,” he added.
The EU’s top trade official, Cecilia Malmstrom, said the bloc would consider imposing its own “safeguard” tariffs on imports of steel and aluminium in response to US President Donald Trump’s decision. In an interview with the Financial Times, she said officials in Brussels would wait to see the formal announcement of US tariffs next week before taking any action.
Read more: EU mulls retaliation if US slaps import tariffs on steel
Canadian Trade Minister Francois-Philippe Champagne responded even more bluntly. “Any tariffs or quotas that would be imposed on our Canadian steel and aluminum industry would be unacceptable [and] would have an impact on both sides of the border,” he told parliament on Thursday.
Australia’s Trade Minister Steve Ciobo said his biggest concern was now “retaliatory measures” by other major economies. “That’s in no-one’s interests,” he told reporters.
For more read the full of article at The DW
