Trump, Macron Discussed Need to Rebalance Trade With Europe - White House

U.S. Commerce Secretary Wilbur Ross leaves his hotel in Beijing

U.S. Commerce Secretary Wilbur Ross leaves his hotel in Beijing

Those markets had initially been exempted from the tariffs when they were first announced in March.

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 move, revealed by Commerce Secretary Wilbur Ross, will affect several key United States allies - and North Atlantic Treaty Organisation members - in Europe.

Canadian Prime Minister Justin Trudeau called President Donald Trump's tariffs on steel and aluminum "totally unacceptable" and suggested that the move is a turning point in the longtime relationship between the two neighboring allies.

No last-minute deal: Many officials in the European Union were banking on a last-minute breakthrough deal that would have either extended exemptions to the tariffs, which were first introduced for global steel and aluminum imports in late April, or introduced a permanent exclusion from the tariffs.

Canada has responded by imposing dollar-for-dollar tariff "countermeasures" on up to $16.6 billion worth of US imports. Now, the threats of retaliatory tariffs from overseas raise the fear of higher prices for Harley motorcycles sold outside the U.S.

"They chose not to offer a reasonable quota, and we had to put the tariffs on", he said.

Macron also proposed to start negotiations between the US, the EU, China and Japan to reshape the World Trade Organization to better regulate trade.

That from Brussels, as the USA slaps tariffs on imports of steel and aluminium from the bloc.

As its first step to challenge the US tariffs, the European Union on Friday formally filed a request for consultations at the WTO.

"Everyone expressed their complete incomprehension of the American decisions and everyone said it was up to the Americans to take the next step since they were the ones who imposed the tariffs".

She said the measures "will cause a lot of damage to our steel and aluminum industry" and risk hurting global economic growth. 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".

U.S. Presidential nomineeDonald Trump walks past a Mexican flag after giving a press conference with Mexico's President Enrique Pena Nieto at the Los Pinos residence in Mexico City, Mexico, August 31, 2016.

"It started as politics and that's exactly where we still are, waiting around to see what is going to be enough for Donald Trump to say: 'I got what I wanted'".

He also discussed addressing a trade imbalance with Europe in a phone conversation with French President Macron, who warned that Europe would respond in a "firm and proportionate manner".

The European Union on Friday formally set in motion its trade retaliation against the United States tariffs, filing a request for consultations at the WTO, which oversees disputes on global trade.

Against this backdrop, we highlight some industries that could be impacted the most by the tariffs.

Latest News