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Trump administration imposes tariffs on steel, aluminum imports from Europe, Canada, Mexico

Trump administration imposes tariffs on steel, aluminum imports from Europe, Canada, Mexico

Trump administration imposes tariffs on steel, aluminum imports from Europe, Canada, Mexico

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.

Commerce Secretary Wilbur Ross said Canada, Mexico and the European Union will now be placed under a 25 percent tariff on steel and 10 precent on aluminum once the deadline hits Thursday night.

Mr Stace said USA tariffs would be "purely protectionist".

The Mexican measures will be in place until the US government eliminates its tariffs, the ministry said.

Britain said it was "deeply disappointed" by the decision from the U.S. and claimed it should be permanently exempted from the tariff measures. "This is protectionism, pure and simple", Juncker said.

Steel and aluminum stocks surged initially, but pared gains.

France's Finance Minister Bruno Le Maire had met with Ross on Thursday in a bid to end the stand-off over steel and aluminum, a move that ultimately failed to sway the US administration.

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

South Korea also received a permanent exemption from steel tariffs, having negotiated instead an absolute quota equivalent to 70 percent of 2015-2017 imports.

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It will also lodge a case with the World Trade Organization (WTO).

President Donald Trump's administration has threatened to impose tariffs on auto imports, is engaged in negotiations with China to reduce America's yawning trade deficit and has said it will punish Beijing for stealing its technology by imposing tariffs on $50 billion of imports from China.

US Commerce Secretary Wilbur Ross said talks with the European Union had made progress but not enough to continue the exemptions.

The Trump administration announced Thursday it will impose tariffs on steel and aluminum imports from Europe, Mexico and Canada after failing to win concessions from the American allies.

"We continue to be quite willing and indeed eager to have further discussions", Ross said.

The two sources briefed on the matter said the decision would land before a Friday expiration deadline for exemptions to the planned tariffs.

"There can be negotiations with or without tariffs in place".

Mexico has also announced retaliatory tariffs on United States imports including pork bellies, apples, grapes, cheese and flat steel, according to a statement from Mexico's Economy Ministry. The U.S. said the exemptions granted Canada and Mexico were linked to the ongoing NAFTA negotiations. Given the delicate nature of these issues, which have vast implications for Mexico and Canada's economies, Trump's saber rattling may hurt more than help according to Alden.

Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with US trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed.

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