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European Union is U.S. ally and should be exempt from tariffs

European Union is U.S. ally and should be exempt from tariffs

France and its European Union partners will assess the impact of U.S. President Donald Trump's tariffs on steel and aluminium imports announced on Thursday and look at how to respond, French Finance Minister Bruno Le Maire said.

Trump imposed the tariffs - 25 percent on steel and 10 percent on aluminium - despite repeated warnings from the European Union and other allies that this could trigger a full-on trade war.

Japan, the United States' top economic and military ally in Asia, is among the other nations seeking to join the exemption list. Chief CabinSecretary Yoshihide Suga told a news conference that Japan's steel and aluminum shipments posed no threat to USA national security.

He said he hoped for greater clarity when US Trade Representative Robert Lighthizer visits Brussels on Saturday for long-planned talks that are now a de facto crisis meeting.

"This is not a trade negotiation", Katainen said.

She won support from German Chancellor Angela Merkel.

Some products under consideration are largely produced in constituencies controlled by Trump´s Republican Party.

More news: Hot Watch List- Alibaba Group Holding Limited (NYSE:BABA)

The EU is also maintaining a threat of counter-measures that would target USA imports ranging from maize to motorcycles and may publish its list next week to allow industry and other interested parties to give their input.

Brussels has prepared a list of USA products to hit with countermeasures if its exports are affected by the tariffs, but says it hopes to join Canada and Mexico in being exempted.

China accounts for only a small fraction of USA steel imports, but its rapid rise to produce half the world´s steel has helped create a global glut that has driven down prices.

China´s steel and metals associations urged the government to retaliate, citing imports from the United States ranging from stainless steel to coal, agricultural products and electronics.

Europe exports around five billion euros' ($4 billion) worth of steel and a billion euros' worth of aluminium to the U.S. each year, and the commission estimates Trump's tariffs could cost some 2.8 billion euros. "We will work to exclude Brazil from this measure", Acting Trade Minister Marcos Jorge told Reuters after meeting US Commerce Secretary Wilbur Ross.

South Korea, the third largest steel exporter to the United States and a strategic ally on the Korean peninsula, called for calm.


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