Trump to EU: We'll drop our tariffs if you drop yours

This time, China can fight back against tariffs

Marina Whitman, professor emerita of business administration and public policy at the University of MI, said Trump's tariffs "are likely to raise prices of consumer goods containing aluminum or steel and, more important, will raise them for manufacturers whose products use aluminum and steel, making them less competitive".

The country will consider filing a complaint with the World Trade Organization (WTO) if the USA presses ahead with the steel tariffs.

Malmstrom told reporters the European Union was ready to complain to the World Trade Organisation, and retaliate within 90 days.

While it was not entirely clear whether the threat reflected actual U.S. policy or merely an effort by the president to play to an appreciative crowd, he had used similar language earlier on Twitter.

But President Donald Trump's announcement Thursday that the United States would impose heavy tariffs on imported steel and aluminum - with some countries potentially exempted - suddenly raised a fear that few had anticipated: That US tariffs could trigger a chain of tit-for-tat retaliation by America's trading partners that could erupt into a full-blown trade war and possibly threaten the global economy. Numerous measures would raise tariffs on USA products from politically sensitive areas, such as the home districts of congressional leaders, and would range from motorcycles to bourbon to peanut butter. And the United States is enjoying a job market boom, fueled in part by the stronger global economy, rising business and consumer confidence and the sweeping tax cuts that Trump pushed through Congress.

In a Twitter message on Saturday Trump further hinted, however, that he would not impose the aluminum and steel tariffs on the Europeans in case they also dropped their tariffs.

He added that national security was an important part of that deal and, if a deal is made, "this will figure into the deal and we won't have the tariffs on Canada or Mexico".

"I'm not going to get into specifics", he said.

"And it isn't just China", Ross said.

The White House said Trump welcomes any country with which "we have a security relationship" to discuss alternative ways to address United States concerns, including those about global excess capacity.

More news: Trump Commerce Secretary Says Warnings About Tariffs Are Overhyped

Of all the untrue and unhinged things President Trump has said during his time in office, this ranks as one of the most truly inane: "Trade wars are good and easy to win".

"We can't even sell our farming goods in there, they totally restrict us".

"Thank you for confirming new tariffs won't have to be imposed on Australian steel & aluminium - good for jobs in Australia and in USA!" said the Australian premier as he retweeted the United States president's tweet.

We opened our market to Indian businesses, allowing them to sell, tariff-free, everything from textiles, gems and jewelry to manhole covers.

"Our trade relationship, as the president acknowledges, is a fair and reciprocal one", Turnbull said.

The EU's top trade official Cecilia Malmstroem will meet US Trade Representative Robert Lighthizer in Brussels along with Japanese Economy Minister Hiroshige Seko.

But after two-way talks with Lighthizer, European Trade Commissioner Cecilia Malmstroem tweeted: "No immediate clarity on the exact U.S. procedure for exemption however, so discussions will continue next week".

Brussels has pushed back hard against Washington's shock measures, loudly announcing a list of U.S. products it could hit with countermeasures. "So I don't think there's very much impact that will be felt from this".

Trump received rare support, however, from a liberal Democratic congresswoman, Senator Elizabeth Warren of MA.

She said discussions would continue next week. "We need a trade policy that's comprehensive".

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