(REUTERS/Kevin Lamarque/File Photo)Washington will impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico from midnight on Thursday, ending months of uncertainty over potential exemptions and sharply escalating the risk of a trade war. Worries about a US trade war with the European Union weighed on Wall Street stocks at the open, but shares of US steel and aluminum makers were up strongly. Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more US goods in a bid to cut America’s $375 billion trade deficit with China. Europe did not want a trade war, he said, but Washington had to back down from “unjustified, unjustifiable and dangerous tariffs”. The European Union would respond with “all necessary measures” if the United States imposed them.

Source: Indian Express May 31, 2018 14:26 UTC