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Shares of Canadian metal companies take hit on USA tariff announcement

Shares of Canadian metal companies take hit on USA tariff announcement”

Some observers say a G6-plus-one scenario is already shaping up, with U.S. President Donald Trump as the outlier.

Among the concessions the Trump administration is seeking is an agreement on a quota that would limit European steel and aluminium exports to the USA while also wanting the 10 percent auto tariff to be lowered, for which it would be ready to grant an exemption to the EU from the steel tariff. But Daniel Caspary, the head of her center-right party's faction in the European Parliament, did little to hide his displeasure, writing on Twitter that Trump's move "will hurt the USA, the EU and the transatlantic relationship".

"My position remains unchanged: Tariffs on steel and aluminum imports are a tax hike on Americans and will have damaging consequences for consumers, manufacturers and workers", Hatch said in a statement.

"Mexico profoundly regrets and condemns the decision by the United States to impose these tariffs on imports of steel and aluminum from Mexico", the ministry said.

"This is protectionism, pure and simple", he said.

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Steel and aluminum stocks surged initially, but pared gains.

But the U.S.is pressing ahead nonetheless, a long-threatened tactic sure to cast a pall over the G7 summit Prime Minister Justin Trudeau is hosting next week in Quebec.

Last week, Trump said that Canada is "very spoiled" and "very hard to deal with" in North American Free Trade Agreement (NAFTA) negotiations.

The tariffs directed at some of the U.S.'s most ardent allies represented the latest move in Trump's "America First" agenda that has roiled financial markets and raised the specter of a trade war involving the U.S., China and some of the globe's most dominant economies. "The fact that we took a tariff action does not mean there can not be a negotiation".

The Wall Street Journal reported on Wednesday that Washington would allow the European Union exemption to expire, after weeks of talks failed to yield a compromise, such as a quota arrangement.

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A Government spokesman said: "We are deeply disappointed that the USA has made a decision to apply tariffs to steel and aluminium imports from the European Union on national security grounds".

Such an action could hurt Mexico, Canada, Germany and Japan.

Ross, meanwhile, said that he still plans to leave for China on Friday for the resumption of trade talks. Even though the exemptions have covered more than half of steel imports, steel prices have moved higher this year.

Simon Lester, a trade policy analyst with Cato Institute, also suggested that the president's escalation is pushing the United States into unsafe territory.

Ross said the USA would consider the effect of those measures. He offered little detail about what the EU, Canada and Mexico could do to have the tariffs lifted.

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Stephanie Segal, deputy director of the Simon Chair in political economy at the Center for Strategic and International Studies, said Washington's many about-faces meant consensus in the near-term was an increasingly dim prospect.



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