Trump, Trudeau trade barbs over tariffs

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The U.S., Canada and Mexico are also involved in a tough renegotiation of the North American Free Trade Agreement.

"With these tariffs, it's going to make the product too expensive for the consumers in Mexico and in Canada and in the EU", Colombini said.

Secretary of Commerce Wilbur Ross is playing hardball with the European Union ahead of a fast-approaching deadline to extend steel and aluminum tariff exemptions.

The 25 percent tariff on steel imports to the United States and a 10 percent tariff on aluminum imports went into effect on June 1, ending a two-month exemption and setting the stage for criticism from France, Germany, Britain, Mexico, Canada, and European Union officials.

Two sources said Canada has prepared detailed options for retaliation, including an investigation into steel dumping from several countries, including the United States, with the possibility of imposing its own tariffs.

The EU fired its first riposte against Washington's punishing steel and aluminium tariffs yesterday, joining Canada and Mexico in a brewing global trade war against United States protectionism.

"I did exactly what I said I would do, which is express in strong terms our opposition to these tariffs on the steel and aluminum sector", Morneau told reporters.

Eurofer says European steel exports could be cut in half by the US measures.

"Now we're into an era where the United States has no friends and enemies, only interests and that creates such uncertainty and volatility across so many markets", he said.

More news: Donald Trump’s pardons (past and future) have one thing in common

The trade penalties, which included a 25 percent tax on imported steel and a 10 percent tax on imported aluminum, will be in effect starting Thursday at midnight.

The EU would take "all necessary measures" to respond if the USA did impose tariffs, Mr Le Maire warned.

"We have to keep things in proportion", he said on the French radio station France Info.

"But we see no sign of that in this action today by the USA administration", he remarked. Trade Commissioner Cecilia Malmstrom added that the US, through months of negotiations, threatened steep tariffs in order to obtain trade concessions from the EU.

Automakers responded negatively to the Trump administration's first announcement of the duties in March and on Thursday the trade group that represents foreign-brand vehicle dealers echoed that sentiment. Infuriated, the jilted US allies vowed to retaliate with tariffs of their own.

And speaking to reporters, Macron described the U.S. move as "a mistake in many ways because it responds to existing worldwide imbalances in the worst way - by breaking up and creating economic nationalism".

"If Europe's answer would result in the USA imposing additional tariffs, the impact of imposing tariffs on each other could be felt quite quickly, but otherwise probably not", Vitsur explained.

Against this backdrop, we highlight some industries that could be impacted the most by the tariffs.

"It's very complicated", says John Brew, a trade lawyer at Crowell & Moring LLP.

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