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Trump threatens European vehicle manufacturers with tax on imports

Trump threatens European vehicle manufacturers with tax on imports

US President Donald Trump has confirmed that the US will implement a 25 per cent tariff on steel imports, with a formal announcement to come next week.

While things may be tense on the political stage as the Canadian government slams trade restrictions announced by U.S. President Donald Trump on aluminum and steel, one Canadian union leader says local steelworkers have seen trying times before and aren't anxious about potential tariffs yet.

"Ironically, American companies who will feel the negative impact of the tariffs can actually move their operations to another country, such as Canada, and not face new tariffs on the sale of their products".

The U.S will be invoking a rarely used clause in the 1962 trade law, allowing President Trump to declare tariffs if required by national security.

Meanwhile, Trump said the country's steel industry is in a "bad shape".

The EU raised the possibility of taking countermeasures, France said the duties would be unacceptable and China urged Trump to show restraint.

But steelworkers in Pennsylvania and in will welcome Mr Trump's comments.

The European Union has said it plans to apply 25% tariffs on $3.5 billion of USA imports to the continent in response to "rebalance" trade.

U.S. Commerce secretary Ross said the total value of the impending U.S. tariffs amounts to about $9 billion a year, a fraction of 1 percent of the annual $18.6 trillion U.S. economy, the world's largest.

"We must protect our country and our workers".

Roberto Azevedo, the director-general of the Geneva-based WTO, said the agency was "clearly concerned" at the US plans and warned that "a trade war is in no one's interests".

Trump's threat comes amid mounting transatlantic tension on trade.

But Navarro contends that China was "the root of the problem" despite being a relatively small player in the U.S. steel and aluminum market.

"We will put tariffs on Harley-Davidson, on bourbon and on blue jeans - Levi's", Juncker added.

In response on Saturday, Trump threatened European automakers with a tax on imports if the European Union retaliates against the U.S.

Canada has the largest share of steel imports to the U.S. at 16 percent, according to data from the Department of Commerce, followed by Brazil and South Korea, with steel imports from China down 5 percent in the most recent period.

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