Tariffs of 25% on steel imports and 10% on aluminum were due to be imposed on the EU, Canada and Mexico from midnight (0400 GMT on Friday), Ross told reporters. Canada, the largest supplier of steel to the United States, will impose tariffs covering C$16.6 billion ($12.8 billion) on imports from the United States, including whiskey, orange juice, steel, aluminum and other products, Foreign Minister Chrystia Freeland said. Also read India takes US steel tariffs complaint to the WTOMexico announced what it described as "equivalent" measures on a wide range of U.S. farm and industrial products. BIKES AND BOURBONThe EU threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of U.S. Republican legislators. The tariffs are aimed at allowing the U.S. steel and aluminum industries to increase their capacity utilization rates above 80% for the first time in years.Shares of U.S. Steel Corp rose 1.7%, but AK Steel fell 1.3% and Steel Dynamics Inc shed 0.9%.

Source: dna June 01, 2018 08:15 UTC