Dow sinks on Trump's steel, aluminum tariffs

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"We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved", he said.

Tariff: U.S. plans to impose 25 per cent tariff on steel from Canada.

The administration first announced the tariffs back in early March, portraying them as an aggressive effort to fight the perfidious behavior of China and other countries to subsidize their domestic metals industries, undermining American national security.

The U.S. came to "satisfactory alternative" agreements with Argentina, Australia, and Brazil to extend exemption while details of those were finalized. It did not announce details, but the bloc has previously threatened 25% tariffs on USA products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter.

Germany's foreign minister Heiko Mass called the tariff decision unlawful.

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The EU said on Thursday it will impose retaliatory duties, a measure the bloc earlier indicated would target US$3.3 billion in American products from Harley-Davidson Inc. motorcycles to Levi Strauss & Co.'s jeans as well as bourbon whiskey.

The EU said from the outset it wouldn't make trade concessions to the Trump administration to gain a permanent exemption. Boeing and Caterpillar were losing 1.1 and 1.2 percent, respectively.

A Commerce Department investigation earlier this year determined a need to ensure adequate US steel production capacity to supply the military.

"The real worry is that we are in a weaker negotiating position", he said.

As with those moves, the White House decision to apply the duties of 25 percent on steel and 10 percent on aluminum against the European Union left the bloc wondering about the value of trans-Atlantic relations and vowing steps to counter the impact. Likely targets are thought to be USA exports of jeans, motorcycles and bourbon.

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German Chancellor Angela Merkel stressed her opposition even before the USA announcement, saying the looming tariffs were incompatible with World Trade Organization rules. "Nothing", French President Emmanuel Macron said Wednesday. That share prices of BMW, Daimler and Volkswagen.

In the name of national security, the Trump administration is also investigating possible limits on foreign cars.

At a meeting of the Organisation for Economic Cooperation and Development in Paris he said: "America does not want a trade war".

The Prime Minister's Office said they "all agreed to continue to defend the Canadian steel and aluminum industry from unwarranted tariffs and to stand up for the best interests of all Canadian workers and businesses".

Canadian Prime Minister Justin Trudeau said the steel and aluminum tariffs were "totally unacceptable" and a violation of a centuries-old relationship between the USA and Canada.

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German Chancellor Angela Merkel said the European Union would give a "smart, determined and jointly agreed" response to the new tariffs that she said would break WTO rules. Malmstrom sees no hope and expects USA to impose some kind of cap on European Union exports.