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Unilateral responses and threats over trade war will solve nothing of the serious imbalances in the world trade.

Even if the USA were to agree to waive the tariffs on imported steel and aluminum, Malmstrom said, "I expect them nonetheless to want to impose some sort of cap on European Union exports".

During a conference call early Thursday, Ross shrugged off questions about the USA facing possible retaliation, or whether the move would negatively affect the G7 meeting.

EU-US tensions are casting a shadow over a meeting of finance ministers from the world's top economies which opens in a Canadian mountain resort on Thursday.

The move is a reaction to the Trump administration's decision to impose tariffs on steel and aluminum from the European Union, Mexico and Canada.

"We continue to be quite willing and eager to have further discussions with all of those parties", Ross told reporters on a conference call on Thursday.

The organisation's director Gareth Stace said: "US steel consumers are already reporting price increases and supply chain disruption and with $500m of steel exported from the United Kingdom to the USA past year, United Kingdom steel producers are going to be hit hard". Therefore, as of June 1, 2018, tariffs will no longer be suspended for steel or aluminum imports from those countries.

However, shares of US seel and aluminium producers rose, with US Steel Corp and AK Steel up around 3.5 per cent, Nucor up around 1 per cent, and Century Aluminum rising 3.1 per cent. U.S. Steel Corp., AK Steel Holding Corp. and Steel Dynamics Inc. all gained in NY.




Last week, Trump said that Canada is "very spoiled" and "very hard to deal with" in North American Free Trade Agreement (NAFTA) negotiations.

'The next question would be: how will the President react? The US wants to use tariffs as a bargaining tool for other negotiations. "Canada buys more American steel than any other country in the world, accounting for 50% of U.S. exports", said Freeland in a statement.

The tariffs are 10 per cent on aluminium and 25 per cent on steel.

The US said the tariffs on imports from the EU, Mexico and Canada will start at midnight.

Canada and Mexico were given the delay pending the ongoing NAFTA trade negotiations.

On Wednesday, the Trudeau government said it would take additional steps to prevent foreign steel and aluminum from being dumped into the North American market - news that appeared created to try to head off the tariff decision.

In imposing the tariffs, President Donald Trump invoked a seldom-used section of a 1960s trade law that allows him to erect trade barriers when imports imperil national security. "One can think about making voters happy by saying, 'I have a victory, I'll change the rules, you'll see.'" But Macron said those "who waged bilateral trade wars... saw an increase in prices and an increase in unemployment".

The administration's biggest concern is over steel exports from China, but the White House believes overcapacity in other nations must similarly be addressed.


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