After the US announced that they established a 25% tax on steel and 10% tax on aluminium from the EU, Mexico and Canada, the three parties announced their own tariffs on the US.
The tariffs imposed by the US ended the uncertainty about possible exemptions and indicate a strict US approach to trade negotiations. Tariffs of 25% on steel imports and 10% on aluminum will be imposed on EU, Canada and Mexico from June 1.
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The EU has now stroke back, as it submitted eight pages at the World Trade Organization (WTO), setting out 25% tariff increases for the US regarding steel and aluminum.
As Reuters reported, a second EU list has also been published at the WTO, describing new targets for the future if the dispute does not end. EU leaders said that they do not wish a trade war with the US, but they have to protect their interests.
Mexico has also responded to the US tariffs. Namely, it will impose 15% to 25% tariffs on US steel and some agricultural goods. The tariffs also include a 20% tariff on US pork imports, apples and potatoes and 20 to 25% rates on types of cheeses and bourbon.
From its part, Canada will impose retaliatory tariffs on £9.6 billion worth of US exports and challenge US steel and aluminium tariffs under the North American Free Trade Agreement and the World Trade Organization. The Canadian tariffs will enter into force from July 1 and will last until the US lifts its own measures.
Namely, Canada released two lists of US products, imposing a 25% tariff on the first list and 10% on the second. The tariffs are now subject to a consultation period, when Canadians will give their consults.
