The EU had already sounded a stern warning on Wednesday as it readied to lash back with USA -targeted tariffs of its own on everything from steel to peanut butter, orange juice, cranberries, bourbon and denim jeans. "I am under the impression there will be future conversations, though no next steps were discussed". Australia/US trade is fair & reciprocal & each of our nations has no closer ally.
"Tariffs are taxes, and the American taxpayer will pay the cost of a trade war", said Cody Lusk, president and CEO of the American International Automobile Dealers Association.
The new tariffs will be implemented over the next 15 days, as Trump has promised a very fair process by which the terms will be negotiated and the exempt countries will be decided.
Brazil, which after Canada is the biggest steel supplier to the USA market, said it wanted to join the list.
According to the Commerce report that made the case for tariffs, the ostensible goal of these measures is to limit the amount of imported goods in order to allow domestic producers to raise their production from its current level of 73 percent of full capacity to 80 percent, which the Department deemed a level commensurate with the industry's long-term financial viability. For decades, both men have accused China of unfair trade practices that have displaced American workers and hobbled the U.S. manufacturing base.
The European Union, the world's biggest trade bloc, chimed in.
Beyond imposing retaliatory tariffs on USA goods, the EU is prepared to file a case at the World Trade Organization against the Trump administration in cooperation with other countries and to introduce "safeguard" measures to prevent steel shipments from other parts of the world to America from being diverted to the European market and flooding it.
Teri Schultz, reporting for NPR from Brussels, says Malmstroem expects more details from U.S. Trade Representative Robert Lighthizer on Saturday.
It's clear that no decisions, or honestly anything of substance, were determined in the hourlong meeting Thursday, but the return of anti-game arguments does nothing but distract from real issues that need to be addressed and empower voices that seek to subvert protected speech with which they don't agree.
"The short answer is, we don't know the specifics yet", said Orr, who was assistant USA trade representative in President George H.W. Bush's administration.
Trump is hoping tariffs on foreign-made steel will make the domestic market more competitive, but already, prices are going up at American mills.
The trip will be Trump's first to California since taking office. China is the world's largest producer of "met coal", but it consumes it all and buys more from overseas, including from the U.S. Australia is also a major exporter of metallurgical coal. Major producer Brazil immediately vowed to take "all necessary steps" in order to "protect its rights and interests" in response to the United States move.
Japan's Foreign Minister Taro Kono said the tariffs "could make a significant impact on the economic and cooperative relationship between Japan and the US, who are allies".
China's steel and metals associations urged the government to retaliate, citing imports from the U.S. ranging from stainless steel to coal, agricultural products and electronics.
A trade war will be harder to win and cause more conflict than Trump may be anticipating, Peterson said, even if it comes with a discount on bourbon.