Theresa May calls on Donald Trump to exempt United Kingdom from steel tariffs
- Author: Sonia Alvarado Jun 03, 2018,
Jun 03, 2018, 20:30
"That is why we are challenging the USA and China at the WTO and it demonstrates that we are not choosing any side", she said.
"We can not let any country force our companies to surrender this hard-earned knowledge at its border", EU Commissioner for Trade Cecilia Malmstrom said.
Well, they have a $2 billion surplus on steel with us.
The American exports targeted in the initial wave of European Union retaliatory tariffs are worth roughly €2.8 billion ($3.3 billion) annually, according to European Union officials. "We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand", US Commerce Secretary Wilbur Ross said.
As reported by NPR, the trade commissioner said while the European Union does not intend to escalate any situation, not responding would indicate that the European Union is willing to accept the tariffs, which they consider is "illegal".
According to, the current trade trend is destroying the U.S. steel and aluminum sectors.
The Europeans are also planning countermeasures against the United States that include counter-duties on steel products, bourbon whiskey, peanut butter, motorcycles and jeans.
Germany's carmakers are especially braced for the latest threat from Trump, who earlier this month launched proceedings that could eventually slap 25 per cent tariffs on auto imports.
Oil price surge to constrain demand growth, says IEA
US light crude was 26 cents lower at $70.69 a barrel, also not far off its highest since November 2014. It stood at $79.39 as of 8:20 pm Nigerian time.
The European Union struck back at the United States a day after President Donald Trump´s administration angered its major allies by slapping duties of 25 percent and 10 percent on imports of aluminium and steel.
China's exports have mushroomed since joining the World Trade Organisation in 2001, making it the world's second-largest economy. "So, we will immediately introduce a settlement dispute with the WTO and will announce counter-balancing measures in the coming hours", Juncker said in a speech in Brussels.
A White House official, who spoke on condition of anonymity to describe the back and forth between both countries, said Trudeau spoke to Trump last Friday, and then Trudeau called Pence on Monday to follow up.
The tariffs his administration has imposed - 25 percent on imported steel, 10 percent on aluminum from Canada, Mexico and the European Union - threaten to drive up prices for American consumers and companies and heighten uncertainty for businesses and investors around the globe.
"We need action from the UK Government to show that it cares about this vital industry", she said.
Group of Seven nations moved closer to a trade war with the United States on Saturday, as six members of the exclusive club singled out their American partner over tariffs they warn have undermined open trade and shaken confidence in the global economy. Canada unveiled a package of counter-tariffs on U.S. imports valued at Can$16.6 billion (US$12.8 billion).
Canadian Prime Minister Justin Trudeau said on Thursday that NAFTA negotiations with the USA broke down after Vice President Pence demanded that he agree in advance to a five-year "sunset" provision. The official said he believes there will not be a long-term impact on relations with affected countries and they "will get over this in due course". "It's Donald Trump's failure to understand the implications for the U.S. and world economy of his isolationist policies".
The EU has already issued a 10-page list of tariffs on United States goods ranging from Harley-Davidson motorcycles to bourbon.