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Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    A trade war threatens the relations of America and Europe .. and start retaliatory steps

    Rocky
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     A trade war threatens the relations of America and Europe .. and start retaliatory steps Empty A trade war threatens the relations of America and Europe .. and start retaliatory steps

    Post by Rocky Fri 01 Jun 2018, 3:33 am

    A trade war threatens the relations of America and Europe .. and start retaliatory steps






    2018/06/01 10:40


    (Encyclopedia of this Day News | Iraq News ) - Economy

    Since 2018-06-01 at 10:09 (Baghdad time)


    Follow-up of Mawazine News

    With the entry into force of the US tariff on steel and aluminum from Europe, Mexico and Canada to the United States, on Friday, a transatlantic trade war is looming that threatens US-European relations.

    US President Donald Trump said last March that he would introduce a tariff of 25 percent on steel and 10 percent on aluminum imported from Europe, referring to "national security interests." But European countries saw it as a start to a trade war.

    British Foreign Trade Secretary Liam Fox described the White House decision as "very ridiculous" and hinted that the UK was taking revenge. "We do not rule out taking countermeasures at all."

    A retaliatory step

    Canada responded to the US tariff by taking a quick retaliatory step, imposing a tariff on US goods worth 16.6 billion Canadian dollars ($ 12.8 billion).

    Canadian Prime Minister Justin Trudeau said the US tariff was "unacceptable at all" and added that the move was "an insult to the long-standing security partnership between Canada and the United States and an insult to the thousands of Canadians who fought and died alongside their American brothers in arms."

    The UK government expressed "deep disappointment" over the US decision, adding that Britain and EU countries were a close ally of the United States and should "fully and fully" be exempted from such tariffs.

    Launch of war

    "President Trump has taken up arms in our faces, and today he has fired, unfortunately, and ignited a trade war that would be harmful," said Gareth Stas, director of British Steel.

    Jean-Claude Juncker, president of the European Commission, said it was "a bad day for world trade." EU Trade Commissioner Cecilia Malmstrom said: "The EU response will be proportionate and in line with WTO rules."

    "We will file a lawsuit to settle the dispute in the World Trade Organization because US actions are clearly contrary to the agreed international rules and we will 

    take measures to restore balance and protect the European market," Malmstrom said.


    The American response

    But US Commerce Secretary Wilbur Ross said any reprisals against the United States would "have little impact" on the US economy, warning that Washington would respond to European reprisals "in time."

    European and US stocks fell slightly as the US import tariff on European steel and aluminum imports came into force amid mounting fears of a future trade war.

    The Dow fell more than 1 percent, the FTSE closed 0.15 percent lower, the French CAC lost half a point and the German DAX fell 1.4 percent.

    What will Europe do?

    For its part, the European Union has described the US tariff as "protectionist and unfair" and will file a complaint with the WTO as the US move comes into force.

    It has already unveiled plans to charge some US products, including orange juice, motorcycles and peanut butter.

    Officials will also try to protect the EU market from excess steel and aluminum as a result of new US restrictions.

    Why did Trump do it?

    The US president says the move is "national security," but many see the move differently, calling it "an aggressive and unconvincing move."

    During his presidential campaign, Trump promised his voters to restore jobs, which the United States lost in steel. 

    Since 2000, the market has lost 50,000 jobs in the steel industry and 40,000 jobs in aluminum plants.


    The White House says the United States is the world's largest steel importer, and the move is intended to restore control


    The opinions expressed below do not reflect the opinion of Mawazine News, but reflect the views of their respective owners only.









    Note: The content entitled "Commercial War Threatens America's Relations with Europe and the Start of Revenge Steps" was first published on the website of "Mawazine News". The encyclopedia of this news day is not guaranteed in any way. 
    You can see the details of this title (a trade war threatening America's relations with Europe and start reprisals) through its original source (Mawazine News).





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