US to impose steel tariffs on closest allies - Washington Post

Joshua Gibson FXStreet

As reported by the Washington Post, US President Donald Trump could be announcing as soon as Thursday plans to impose steel and aluminum tariffs on the US' closest allies, including Canada, Mexico, and the European Union. Citing unnamed sources, the Washington Post stated that the imports could take effect as soon as Friday.

Frustrated over the failure of those U.S. trading partners to agree to a range of demands, the president chose to sharply escalate his global trade war rather than grant further tariff waivers. The move is likely to have an immediate impact on global trade in steel and aluminum, particularly between the United States and Canada, the nation’s largest source of imported steel. The decision also invites retaliation from each of the trading partners, which have vowed to erect new barriers to a range of U.S. products.

Trump’s bold tariff move threatens to upend negotiations over a new North American trade deal. Imposing the metals tariffs on the E.U. will also intensify a clash with the European Union over multiple tariffs, Washington’s efforts to prevent multinational businesses from trading with Iran and a new digital privacy policy.

- The Washington Post

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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