President Trump Slaps Tariffs On Steel And Aluminum Imports From EU, Canada And Mexico

President Trump just slapped tariffs on steel and aluminum imports from the EU, Canada and Mexico.

Breaking: The U.S. will impose 25 percent tariffs on imported steel and 10 percent tariffs on imported aluminum from the European Union, Mexico and Canada under Section 232 of the Trade Expansion Act of 1962, a national security justification.

— NPR (@NPR) May 31, 2018

These tariffs will take effect at midnight. Several allies had asked for exemptions and midnight was the deadline for the U.S. to decide on the exemptions for the EU, Mexico and Canada. Talks will continue with those parties.

— NPR (@NPR) May 31, 2018

The Trump administration will put tariffs on steel and aluminum imports from Canada, Mexico and the European Union, the latest action in a string of protectionist policies to crack down on alleged trade abuses.

The tariffs of 25 percent on steel imports and 10 percent on aluminum imports will take effect at midnight Thursday, Commerce Secretary Wilbur Ross told reporters. The U.S. gave those allies a reprieve from the duties, but the exemptions were set to expire Friday. The Trump administration will place quotas or volume limits on other countries such as South Korea, Argentina, Australia and Brazil instead of tariffs, he said.

Reaction has been swift. European Commission President Jean-Claude Juncker said the EU will retaliate.

Condemnation from U.S. allies poured in immediately Thursday. European Commission President Jean-Claude Juncker called the tariffs “unjustified” and said the EU will introduce countermeasures in the coming hours. A spokesperson for the British government also said the U.K. is “deeply disappointed” in the move and added U.S. allies “should be permanently and fully exempted” from the tariffs. Mexico also said it would impose tariffs in response to the U.S. actions.

Basically everyone is freaking out at this point.

BREAKING: Trump just hit our allies with tariffs on steel and aluminum imports. This includes the European Union, Canada and Mexico. They all have pledged to retaliate strongly against the US. This endangers our national security and is a gigantic win for Putin. Not America.

— Scott Dworkin (@funder) May 31, 2018

In retaliation for steel/aluminum tariffs, E.U. says it will impose duties “on a number of imports from the United States,” referring to a 10-page list of targets iit published in March, which included Kentucky bourbon and Harley-Davidson motorcycles https://t.co/nwCETN5c1S

— Catherine Rampell (@crampell) May 31, 2018

It’s a bad day for world trade. US leaves us no choice but to proceed with a WTO dispute settlement case and the imposition of additional duties on a number of US imports. We will defend the EU’s interests, in full compliance with international trade law. https://t.co/J3wPW5Ew7K pic.twitter.com/aDlOWcSgRv

— Jean-Claude Juncker (@JunckerEU) May 31, 2018

Canadian Chamber of Commerce calls for 'vigorous' response to US tariffs. Says federal government must push back against 'unilateral protectionist measures,' show that US will have to pay 'serious cost' for its actions.

— CBC News Alerts (@CBCAlerts) May 31, 2018

Justin Trudeau, Chrystia Freeland call 1:30 pm ET news conference to respond to US tariffs on steel, aluminum. Mexico signals it has already prepared retaliatory measures, EU vows 'swift, firm, proportionate' response. Says legal proceedings will be launched Friday at the WTO.

— CBC News Alerts (@CBCAlerts) May 31, 2018

Not sure how slapping steel and aluminium tariffs on key allies like EU, Canada and Mexico enhances US national security, the alleged reason for the measure.

There's a stronger case to be made that alienating your closest allies hurts US national security.

— Michael Knigge (@kniggem) May 31, 2018

Mexico declares US tariffs "unjustified," and announces retaliatory tariffs on US flat steel, lamps, pork legs and shoulders, sausages and food preparations, apples, grapes, blueberries, various cheeses, among others.

— Mark Knoller (@markknoller) May 31, 2018

Trumps asinine decision to impose tariffs on EU, Canada and Mexico is obviously harmful to US. He almost certainly was advised this. He's probably trying to distract.

— Steve Feldman! (@sfeldman89) May 31, 2018

So there you have it. To be continued…