USA stocks tumble as Trump starts trade brawl against the world

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The second exemption was set to expire on Friday.

But Ross said Thursday that those talks "are taking longer than we hoped". "At this time, similar measures are not in place with respect to steel or aluminum imports from Mexico, Canada, or the European Union".

Mr Fox said: "It's very disappointing that the United States has chosen to apply steel and aluminium tariffs. all in the name of national security".

"We have a whole spectrum of potentially large investments in Canada but in the environment we have now there's no way to put those projects on the table", he said.

Ontario Premier Kathleen Wynne, campaigning in advance of the June 7 provincial election, savaged the US president as she called the tariff measure short-sighted and urged Trudeau "to take the strongest retaliation possible to protect our workers" and industry.

"We want to be exempt from these tariffs" which were "not compatible" with World Trade Organization (WTO) rules, Merkel told a press conference with Portuguese premier Antonio Costa in Lisbon.

Beyond their Americana associations, those choices-if they were to be enacted-target important political leaders in the U.S. Harleys hail from Wisconsin, the home state of outgoing House of Representatives Speaker Paul Ryan, while bourbon is the specialty of Kentucky, where Senate majority leader Mitch McConnell is from.

Trudeau, who was expected to respond to the decision later Thursday, spoke with Trump by phone earlier this week to counter the national-security argument, and made the same pitch Wednesday to U.S. Vice President Mike Pence.

Prime Minister Justin Trudeau and Minister of Foreign Affairs Chrystia Freeland are scheduled to speak to reporters in Ottawa at 1:30 p.m. ET Thursday.

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The tariffs come as Group of Seven finance ministers including U.S. Treasury Secretary Steven Mnuchin and central bank governors prepare to meet in Whistler, Canada.

"Over the past months we have continuously engaged with the USA at all possible levels to jointly address the problem of overcapacity in the steel sector", says European Commission President Jean-Claude Juncker.

"The UK Government must support EU safeguards to protect our industry and ensure more dumped steel does not end up on European shores".

European Commission President Jean-Claude Juncker responded to news of the USA tariffs on the EU, calling the decision "protectionism, pure and simple", according to the Associated Press.

Commerce Secretary Wilbur Ross said the president acted on national security grounds, seeing a rising tide of imports as a threat to the domestic metals industry.

"This is dumb. Europe, Canada, and Mexico are not China, and you don't treat allies the same way you treat opponents", said Sen. "This is protectionism, pure and simple".

Worries about a U.S. trade war with the European Union weighed on Wall Street stocks. He's said to be considering 25% tariffs on $176 billion yearly imports.

Employers in the other industries are going to have to pay more for materials, making their products costlier and less competitive.

There had been a temporary exemption granted on the 25pc levy on steel and 10pc on aluminum for the European Union and others.