Dutch Tata Steel urges EU to shield European market from cheap imports

Hugh Fox
June 1, 2018

Brazil, Argentina and Australia have agreed to limit steel shipments to the United States in exchange for being spared the tariffs, the Commerce Department said.

The EU, Canada, and Mexico took umbrage with the US's justification for the tariffs.

"It's clearly going to have a negative impact on all the users of steel throughout the economy", said Emily J. Blanchard, an associate professor of business administration at Dartmouth University's Tuck School of Business.

A 25 per cent tariff on steel imports and 10 per cent tariff on aluminum imports will be imposed on the EU, Canada and Mexico from midnight (12 pm Friday, Singapore time), Ross told reporters.

She spoke on the sidelines of Cansec, an annual arms-trade show where defence companies from around the world showcase their wares to government and military officials. A Trade Partnership study conducted in March, before the exemptions were put in place, estimated that steel and aluminum tariffs would cost, on net, 470,000 jobs, with eighteen jobs lost for every job protected.

As for the U.S.'s national security argument, Fox said, "In the case of the United Kingdom, we send steel to the USA that is vital to their defence industry; it is patently absurd".

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President Donald Trump had announced the tariffs in March, saying they were necessary to protect the United States from unfair competition and thereby bolster national security. European Union exports potentially subject to USA duties are worth 6.4 billion euros.

Speaking to reporters in Brussels with Chinese Foreign Minister Wang Yi, Mogherini said the two "confirmed our joint support for the WTO as the center of the rules-based, multilateral trading system".

Jean-Claude Juncker, the president of the European Commission, promised "immediate retaliation", The Guardian says.

Some countries - including Argentina, Australia, Brazil and South Korea - agreed to restrict exports of metals and were exempted, but Ross said the EU, Canada and Mexico were not there yet.

See the full list of products that are now subject to tariffs. The administration said foreign production of steel and aluminum has driven down prices and hurt USA producers, creating what the Commerce Department has called a national security threat.

Mr Ross said talks with Canada and Mexico over revising NAFTA were "taking longer than we had hoped".

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Mexico's ministry of economy pledged to impose equivalent measures, and included a partial list of US goods that would face tariffs, including pork bellies, cheese, and produce such as grapes and apples.

The measures announced on Thursday ended months of uncertainty about possible exemptions, illustrating a hardening of the Trump administration's stance towards trade negotiations.

'Labour would coordinate a decisive set of counter-measures with the European Union and challenge the US at the World Trade Organisation'.

Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more USA goods in a bid to cut America's $375 billion trade deficit with China.

"President Trump is mainly hurting the American steel industry and consumers by driving up prices".

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