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New US tariffs sparks trade war with allies

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New US tariffs sparks trade war with allies

The imposition of new tariffs by the administration of President Donald Trump on the importation of steel and aluminum has sparked outrage by allies of the United States of America.

Reports say a major trading war is brewing between the US and its closets allies which could see U.S. consumers pay more for everything from canned soup to cars.

The new tariff elicited a firm approach from Canadian Prime Minister Justin Trudeau, who denounced the punitive tariffs as “totally unacceptable” and “an affront,” saying that the very idea that Canada could be considered a national security threat to the United States is “inconceivable.”

Read Also: US team in North Korea to prepare for proposed summit, Trump says

Mexico also responded to the taxes, saying it would impose tariffs of its own, and the European Commission promised legal action.

Reacting to the new tariffs, the European Commission fired back at the White House’s trade decision with a lawsuit, saying the E.U. “stands now ready to react to the U.S. trade restrictions on steel and aluminum in a swift, firm, proportionate and fully WTO-compatible manner,” referring to the World Trade Organization.

The E.U. said it would launch legal proceedings against the U.S. in the WTO on Friday. “The level of tariffs to be applied will reflect the damage caused by the new U.S. trade restrictions on E.U. products,” it said.

 

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