US allies to fight Trump’s tariffs plan, warn of trade war
EXCERPT: Trump’s move makes good on a his campaign promise to crack down on trading partners that he claims exploit poorly negotiated trade agreements to run up big trade surpluses with the United States. Commerce Secretary Wilbur Ross says the tariffs — 25 percent on imported steel, 10 percent on aluminum from Canada, Mexico and the European Union — take effect Friday.
The import duties threaten to drive up prices for American consumers and companies and are likely to heighten uncertainty for businesses and investors around the globe. Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling nearly 252 points, or 1 percent, to 24,415.84.
Mexico complained that the tariffs will “distort international trade” and said it will penalize U.S. imports including pork, apples, grapes, cheeses and flat steel.
In Canada, Prime Minister Justin Trudeau said Thursday that the tariffs were “totally unacceptable.” Canada announced plans to slap tariffs on $12.8 billion worth of U.S. products, ranging from steel to yogurt and toilet paper.
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