U.S. tariffs on steel will hit Canadian defence industry: minister

President Donald Trump during a bill signing ceremony at the South Court Auditorium of the Eisenhower Executive Building in Washington

President Trump's trade war is officially underway as the United States will begin implementing steel and aluminum tariffs on key allies including Canada, Mexico and the European Union.

"Without a strong economy, you can't have a strong national security", Ross said.

The US has imposed steep tariffs on steel and aluminium imported from three of America's largest trading partners, including the European Union, after a deadline for trade negotiations passed without a deal.

"From the beaches of Normandy to the mountains of Afghanistan, we have fought and died together", Trudeau said in a Thursday speech. Shares of industrial heavyweights Boeing fell 1.7 percent and Caterpillar 2.2 percent.

"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. "They don't quite understand this is going to harm Americans" as well, he said.

"We want open markets, free markets but we have to convince the USA administration", Altmaier told German television.

While not confirming directly that the USA would decide to impose tariffs, he said: "It's up to the European Union to decide if it wants to take retaliatory measures".

Canada, the largest supplier of steel to the USA, will impose retaliatory tariffs covering $C16.6 billion in imports from the U, including whiskey, orange juice, steel, aluminium and other products, Canadian Foreign Minister Chrystia Freeland said.

The administration has argued that foreign production of steel and aluminium has driven down prices and hurt USA producers, creating what the Commerce Department has called a national security threat.

'Murdered' Russian journalist Arkady Babchenko appears on Ukrainian TV
He left Russian Federation in February 2017, saying he was receiving threats and concerned he might be jailed. It not immediately clear whether Babchenko's wife and friend were aware of the security operation.

The Mexican government plans to retaliate with comparable penalties on United States products including lamps, pork, fruit, cheese and flat steel. The interbank rate dropped 0.93% to 19.91 pesos to the dollar, while banks were selling pesos for as much as 20.35 to the dollar.

Reverse tariffs could be slapped on items like Harley-Davidson motorcycles. "The EU believes these unilateral US tariffs are unjustified and at odds with World Trade Organisation rules", Jean-Claude Juncker, President, European Commission, said on Thursday. European Union officials have already floated the idea of 25-percent import tariffs on USA -built products such as denim clothing, cigarettes, motorcycles, and consumables such as bourbon and peanut butter.

Economists are of the view that tariffs on steel and aluminium imports could help local producers of the metals by making foreign products more expensive, however, they might not be beneficial to the U.S. manufacturers.

The three close USA allies had been part of a small group of foreign governments that received temporary exemptions from the tariffs, until trade deals could be signed.

The tariffs of 25% on steel and 10% on aluminium, which affect the EU, Canada and Mexico, come into effect on Friday. Mexico was the third largest, behind South Korea.

The tariffs, which have increased friction with USA trading partners worldwide and prompted several challenges before the World Trade Organization, are aimed at allowing the U.S. steel and aluminium industries to increase their capacity utilization rates above 80% for the first time in years.

"This particular action on steel and aluminum is not about unfair trade practices".

"The inevitable result of putting these tariffs on imports will be to increase prices on consumer goods for its own citizens".

He warned Trump's latest move doesn't bode well for a post-Brexit UK trying to hammer out trade deals with countries outside the EU.

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