Photo: BloombergWashington/Paris: Canada and Mexico retaliated against the US decision on Thursday to impose tariffs on steel and aluminium imports and the European Union had its own reprisals ready to go, reigniting investor fears of a global trade war. Tariffs of 25% on steel imports and 10% on aluminium will be imposed on the EU, Canada and Mexico from midnight (9.30am on Friday), Ross told reporters. Canada and Mexico, embroiled in talks with US to modernize the North American Free Trade Agreement (Nafta), responded swiftly. Canada, the largest supplier of steel to US, will impose tariffs covering C$16.6 billion ($12.8 billion) on imports from the United States, including whiskey, orange juice, steel, aluminium and other products, foreign minister Chrystia Freeland said. Shares of US Steel Corp rose 1.7%, but AK Steel fell 1.3% and Steel Dynamics Inc shed 0.9%.

Source: Mint June 01, 2018 06:56 UTC