White House Extends Tariffs on Mexico, Canada, and EU

The deadline for the relief initiative on the tariffs on foreign steel and aluminum is Friday and United States President Donald Trump announced that he would not be extending the waiver on these tariffs.

 

At midnight Thursdays, the exemption will expire and Mexico, Canada, and the European Union (EU) will all be hit with stiff trade penalties. According to a statement by Commerce Secretary Wilbur Ross, the US will begin assessing tariffs of 25 percent on imported steel and 10 percent on imported aluminum.

 

Both Mexico and the EU wasted no time in saying that they would respond with penalties of their own against the US. Mexico said they would retaliate with tariffs against American pork, cheese, fruit, lamps, and flat steel. The EU did not announce specific products yet but did say that they explore the issue. Canada has not announced retaliatory efforts, however, Prime Minister Justin Trudeau has scheduled a press conference later on Thursday to discuss the plan.

 

By imposing tariffs on Canada and Mexico, two of the biggest trade partners of the US, negotiations regarding NAFTA could be negatively impacted.

 

Financial experts worry that the decision to impose these tariffs will raise everyday prices on a variety of products for American consumers. The decision also comes at an inopportune time, as the US is already engaging in an escalating trade dispute with China. On Tuesday, the White House announced that it was continuing its plan to impose tariffs totaling more than $50 billion on Chinese imports.

One thought on “White House Extends Tariffs on Mexico, Canada, and EU

  1. Just as it is stated in this article I think raising the tariffs as proposed by the United State government will have a serious effect on the countries international trade relations. Its not a good idea and that is why dissertations writing services remains the best when it comes to situations like this. Financial experts has seen that this decision will raise everyday price and that is not looking good for business.

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