U.S. Slaps Metal Tariffs on Mexico, Canada, and E.U.

What’s the story?

• President Donald Trump is imposing heavy tariffs on steel and aluminum from Mexico, Canada, and the European Union—three of our biggest trading partners.
• U.S Commerce Secretary Wilbur Ross told reporters:

“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.”

• Trump also reportedly said he wants to stop imports of German luxury cars.

How much and when?

• Ross said that effective midnight Friday, the U.S. would impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico.

What’s the response?

• The Dow Jones fell sharply after the tariffs were announced, dropping by 250 points.
• The European Commission responded with a lawsuit, saying the E.U.:

“Stands now ready to react to the U.S. trade restrictions on steel and aluminum in a swift, firm, proportionate and fully WTO-compatible manner. The E.U. will launch legal proceedings against the U.S. in the WTO on 1 June. The level of tariffs to be applied will reflect the damage caused by the new U.S. trade restrictions on E.U. products.”

• Mexico’s Ministry of Economy released a statement saying:

“Mexico deeply regrets and rejects the decision of the United States to impose these tariffs on imports of steel and aluminum from Mexico as of June 1, under the criterion of national security. Mexico will impose equivalent measures to various products in the face of U.S. protectionist measures.”

• Sen. Ben Sasse (R-NE) tweeted:

What do you think?

Do you support the tariffs? Or do you side with Sen. Orrin Hatch (R-UT) that they’re “a tax hike the American people don't need and can't afford”? Hit Take Action and tell your reps, then share your thoughts below.

—Josh Herman

(Photo Credit: gerenme / iStock)