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Republicans in key midterm races caution against Trump's new tariffs

Republicans in key midterm races caution against Trump's new tariffs

Some of the United States's closest allies are baffled and frustrated by President Trump's decision to impose steep tariffs on US imports of their steel and aluminum, and officials in the European Union, Canada and Mexico are calibrating how hard to hit back.

"Trade unions across the world must stand together in opposition to these measures", he said.

European Commission President Jean Claude Juncker said Trump's tariffs were "totally unacceptable" and promised to retaliate in due course. But they can also increase costs more broadly for US manufacturers who cannot source all their needs locally and have to import the materials.

Mexico announced in a statement Thursday it would retaliate against the U.S. by imposing "equivalent measures" on products such as "flat steel, lamps, pork and numerous produce items until the USA eliminates the imposed tariffs".

The highly anticipated move was announced Thursday by Commerce Secretary Wilbur Ross, who is wrapping up a two-day meeting with European Union officials.

"We take the view that without a strong economy, you can't have strong national security", he said.

"This is dumb. Europe, Canada, and Mexico are not China, and you don't treat allies the same way you treat opponents", said Sen. "We are ready to rebuild this multilateralism with our American friends". "Make America Great Again" shouldn't mean 'Make America 1929 Again.'What's next? South Korea has not negotiated an exemption for its aluminum exports.

"We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved", the U.S. commerce chief told reporters.

"If any of these parties does retaliate that does not mean there can not be continuing negotiations", Ross said.

The Community union called on trade unions across the world to stand together to oppose the measures.

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Malmstrom is meeting U.S. Trade Representative Robert Lighthizer in Paris on Thursday among other global trade chiefs.

After weeks of negotiation, the Trump administration put steep tariffs on imports of steel and aluminum today. "We will defend the UK's interests robustly".

- While a trade war with China may be on hold, the European Union seems poised to retaliate against the U.S. measures.

Economists are of the view that tariffs on steel and aluminium imports could help local producers of the metals by making foreign products more expensive, however, they might not be beneficial to the USA manufacturers.

Besides the US steel and aluminum tariffs, the Trump administration is also investigating possible limits on foreign cars in the name of national security.

While shares of Canadian steel firms headed lower, their USA counterparts got an initial boost before giving back some of their initial gains.

"We're anticipating that the USA president will follow up with further measures, and that's what primarily worries us", Kempf said. "These actions have thrown all of that up in the air".

Trump also drew fire from members of his own party, who generally favor fewer trade restrictions.

This comes after USA and EU trade officials spent two months trying to reach an agreement to create a tariff exemption for European countries. Patrick Toomey, R-Pa. "In addition to higher prices, these tariffs invite retaliation".

"Those talks are taking longer than we had hoped". Earlier this week, there were reports that the talks might be canceled following Trump's renewed threat to impose import taxes on $50 billion in Chinese products.


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