Trump’s trade war with our three biggest trading partners official begins at tonight at midnight:
Ugh. Here’s more:
President Trump is imposing steep tariffs on steel and aluminum from three of America’s biggest trading partners — Canada, Mexico and the European Union.
The trade penalties, 25% on imported steel and 10% on imported aluminum, take effect at midnight, Commerce Secretary Wilbur Ross told reporters Thursday.
Canada, Mexico and the EU had been granted temporary exemptions from those tariffs while the United States pursued negotiations to address the administration’s concerns about the state of domestic steel and aluminum production. The negotiations had a Friday deadline.
Trump’s decision could raise prices for Americans on a range of everyday products. It could also place the United States in a trade dispute on more than one front. The administration is separately moving ahead with tariffs on Chinese goods.
Both Canada and Europe have already promised to retaliate:
Europe had promised swift retaliation if it was hit with the trade penalties, and had warned it could quickly respond with 25% tariffs on US products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter.
Getting rid of the exemptions for Canada and Mexico, meanwhile, could complicate ongoing negotiations on NAFTA. Canada had also pledged to retaliate.
Here’s more from the AP:
BREAKING: EU chief Juncker says US tariffs on the bloc's steel and aluminum are "protectionism, pure and simple." .— The Associated Press (@AP) May 31, 2018
BREAKING: EU chief Juncker says US tariffs decision leaves the bloc with "no choice" but to impose counter-measures.— The Associated Press (@AP) May 31, 2018
BREAKING: Mexico answers US tariffs with its own on products including pork bellies, grapes, apples and flat steel.— The Associated Press (@AP) May 31, 2018
So this is how Trump’s trade war begins – and in an election year no less.
Get ready for higher prices because they are coming!