Canada, Mexico not exempt from steel tariffs, Trump says

Trump also said Canada had to treat American farmers better and called on Mexico to stop drugs “from pouring into the U.S”.

“If the European Union wants to further increase their already massive tariffs and barriers on USA companies doing business there, we will simply apply a tax on their cars which freely pour into the United States”, the U.S. president wrote.

Guajardo, Canadian Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer – the three ministers driving the talks – are due to meet on Monday to assess what the Mexico round achieved.

He also hit out at “very stupid” trade deals by earlier administrations and said other countries “laugh at what fools our leaders have been”.

Interviews with large trade associations, as well as lobbyists who represent companies in several industries, indicated back-channel discussions were underway, with companies trying to convince the White House and Commerce Department to include key exemptions in the coming official tariffs policy.

Federal Government officials are increasingly pessimistic about Australia’s chances of dodging the U.S. steel and aluminium tariffs unveiled by Donald Trump. What he should have done was pursue “multilateral action”, May reportedly told the president.

“We buy as much domestic can sheet aluminum as is available, however, there simply isn’t enough supply to satisfy the demands of American beverage makers like us”, MillerCoors said.

Prime Minister Malcolm Turnbull and Trade Minister Steve Ciobo have been lobbying the Trump administration to spare Australia from its plan to impose a 25 per cent tariff on steel, and a 10 per cent tariff on aluminium imports.

“We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan”, Ryan’s National Press Secretary Ashlee Strong said in a statement.

Senate Finance Chairman Orrin Hatch, a Utah Republican whose committee oversees trade matters, said last week, “Tariffs on steel and aluminum are a tax hike the American people don’t need and can’t afford”.

Mr Juncker said: “We would like a reasonable relationship to the United States, but we can not simply put our head in the sand”.

Trump’s announcement spooked investors who had hoped that the protectionist policies that the president had campaigned on wouldn’t come to fruition.

Judging by his Twitter timeline this weekend, Trump appears to have made up his mind, offering Americans this “easy” explanation for his actions. European Commission President Jean-Claude Juncker said the EU may target imports of the company’s motorcycles as well as Kentucky bourbon and Levi Strauss jeans.

The U.S. runs its largest trade deficits with China, but the products are mainly Chinese-made motor vehicle parts and clothing, not steel, Liu said.

European Union trade chiefs are reportedly considering slapping 25% tariffs on around $3.5bn (£2.5bn) of imports from the US.

With his move on steel, Trump is invoking a seldom-used clause of a 1962 law that gives him the authority to curb imports if they undermine national security. The group also cautions that it could ignite a trade war if other countries retaliate with tariffs of their own.

“As soon as you exempt one country, then you have to exempt another country”, Navarro says.

Just like Mr. Trump’s promise to bring back the coal industry, his planned steel and aluminum tariffs are based on a naive nostalgia, and they could come at a tremendous cost.

US Treasury yields rose as markets priced in the risk of a trade war. “It is likely to lead to job losses across the beer industry”.

U.S. Steel fell as much as 6.1 per cent, a day after climbing 5.8 per cent.

He continued to set out his views on Saturday by threatening to impose taxes on cars imported to America from the EU.