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US Dollar Stable as Trump Administration Greenlights Tariffs

Europe economy

Trump imposed the tariffs in March after his U.S. Commerce Department declared that steel and aluminum imports undermine the country's manufacturing base and threaten national security.

The EU threatened to make good on a threat it issued in March to impose tariffs on imports from the US that is 10 pages long, including everything from corn and tobacco, to T-shirts, Levi's jeans, bourbon, motor boats and various forms of steel. The latest 30-day exemption is set to expire on Friday. The EU, Canada and Mexico together account for about 40 percent of US steel imports. But they have woken up to the possibility that carmakers that find the proposed rules too burdensome might simply ignore them and pay the non-NAFTA tariff of 2.5%.

"The EU, Canada, and Mexico make up about half of USA steel imports, so the economic effect of these tariffs would be far more than anything we've seen to date", he said.

Chrystia Freeland, the country's foreign affairs minister, said Canada will levy penalties on U.S. products until President Trump relents.

"The steel and aluminum tariffs will have a poisonous effect on the NAFTA negotiations", Alden said.

"These deadlines, these talks that never get over the finish line, it ultimately gives investment pause", Kafato said.

Stocks in the U.S. fell as the administration ignored the pleas from business lobbying groups including the U.S. Chamber of Commerce to forego tariffs.

Canada's integrated steel producers are the largest suppliers of imported steel into the United States, accounting for 16.1 per cent of all foreign steel entering the country. This will force them to cut jobs, economists and industry officials say.

"We've been operating in an environment of uncertainty for the last couple of months", he said. In imposing them, the administration is following through on a pledge to do so after having earlier granted exemptions to the affected nations to try to buy time for negotiations. 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.

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Weber adds that Trump's decision has to be a wake-up call for us Europeans: "with the USA closing in on itself, we should be bridge-builders & reliable partners for the rest of the world". India's JSW Steel unveiled plans to spend $500 million to modernize an existing plant in Texas and build a new one. A similar finding was issued regarding aluminum imports.

Mexico struck back swiftly after the United States announced today that it would impose tariffs on Mexican metal imports.

"This is a unique period in terms of optimism", Tumazos said. "Prices are the same both sides of the border".

Canada, Mexico and the European Union were initially granted exemptions, but they end Friday.

Since the announcement South Korea, Argentina, Australia and Brazil have agreed to put limits on the volume of metals they can ship to the USA in lieu of tariffs. It could also place the United States in a trade dispute on more than one front.

"We continue to be quite willing and eager to have further discussions with all of those parties", Ross told reporters on a conference call on Thursday.

Trudeau and French President Emmanuel Macron made their cases separately Wednesday to dissuade Trump, who is using a national-security clause in US trade law to justify the move.

The tariffs are part of Trump's effort to protect US industry and workers from what he described as unfair worldwide competition, a key theme of his "America First" agenda.

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