US President Donald Trump threatens tax on European Union cars

Equity Gains to Reach Asia as Trade Worries Ease: Markets Wrap

The White House official said the proposed 10 percent tariff on aluminum imports would result in a mere Dollars 25,000 increase in the price of a USD 330 million Boeing 77.

Ms Malmström told the BBC: "We are looking at possibilities to retaliate, meaning we will also put taxes or tariffs on United States imports to the European Union".

They also seem likely to damage USA allies such as Canada more than Trump's ultimate rival China.

Ryan spokeswoman AshLee Strong said in a statement, "We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan".

Trump announced new trade restrictions Thursday, including a 25 per cent tariff on steel imports and 10 per cent duty on aluminum, but didn't say whether Canada would be exempt.

If Canadians are hoping to be spared from American tariffs, they may be disappointed.

Until recently, the US probe into the national security risks of steel and aluminum had been considered separate from the Nafta discussions.

In justifying the measure, the administration invoked a national security law, departing from an global consensus not to impose trade barriers. While Trump does have the authority to issue tariffs, Business Insider's Josh Barro writes that Congress could simply pass a new law stripping him of that power, then try to override his veto.

The Global Times, an English-language Chinese newspaper under the Communist Party's People's Daily, published an op-ed Saturday titled "Trump Building 21st Century Economic Great Wall".

Ottawa did not directly respond to Unifor's call, but Trudeau said: "The United States has a $2 billion surplus on steel with us, so we regard the imposition of any tariffs on steel and aluminum between our two countries as absolutely unacceptable".

Theresa May has told Donald Trump of her "deep concern" at his plan to impose tariffs on steel and aluminium imports into the US.

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The audience of senior officials and lawmakers broke into applause, giving him a standing ovation at one point. The Russian military has been left red-faced over fake footage in the past.

"Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed", he added.

Trump has long criticized the North American Free Trade Agreement.

Earlier in the day, a major Korean business lobby, Federation of Korean Industries, said it has asked 565 U.S. lawmakers, officials and opinion leaders to press the Trump administration to reconsider the action.

"Well I think that we should look at all options in the national interest", Mr Bowen told ABC radio today.

Trump was expected to finalise the planned tariffs later in the week, posing a tough challenge for USA trade representative Robert Lighthizer, Canada's foreign minister Chrystia Freeland and Mexican economy minister Ildefonso Guajardo.

President Donald Trump is reaffirming that two close allies of the USA will be affected by his planned import tariffs on steel and aluminum.

The U.S. and Canadian steel and aluminum industries are heavily integrated, with major U.S. players owning portions of both, including Alcoa and Stelco.

"They know that this individual, this government, is far more protectionist and we are at risk".

As to the idea of retaliation, they may well be some sort of retaliation.

Tim Phillips, president of the Koch Brothers-backed Americans for Prosperity, noted that Trump narrowly won in Iowa and Wisconsin, two heavily rural states that could suffer if countries impose retaliatory tariffs on American agricultural goods.

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