Trump to impose steep import duties on steel, aluminum imports from EU

News Image

By MG News | May 31, 2018 at 10:39 AM GMT+05:00

0:00

President Donald Trump intends to impose steep import duties on steel and aluminum imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 percent tariff on steel and 10 percent on aluminum.

But The Wall Street Journal cited people familiar with the matter saying a last minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address global oversupply of the metals, but though it was largely aimed at China it hit US allies as well.

Washington exempted Canada and Mexico from the tariffs while negotiations continue to revamp the North American Free Trade Agreement, and South Korea agreed to quotas instead of tariffs.

The EU has vowed to hit back at the US with tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey.

The metals dispute is just one front in Trump's multi-sided trade confrontation that has hit economic partners and adversaries alike. He has veered from threats to compromise and back again, sowing confusion in global capitals.

He is pressing ahead with 25 percent tariffs on $50 billion in Chinese goods, even after last week saying that dispute was "on hold," and 25 percent tariffs on auto imports, which is likely to spark a fierce reaction from the EU as well.

APP

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court


July 04, 2025 at 06:41 PM GMT+05:00

Govt domestic debt, liabilities nears Rs54tr in May



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg