The EU says it will retaliate for US steel, aluminum tariffs

[demmiblue]

Source: The Hill

The European Union said they will retaliation against the United States in response the Trump administration’s decision to levy hefty steel and aluminum tariffs.

The EU and the United States failed to reach an agreement on an exemption from the duties despite having spent the better part of the past two months trying to hammer out a deal that would provide a waiver from the tariffs of 25 percent on steel and 10 percent on aluminum announced by President Trump in March.

EU Commissioner for Trade Cecilia Malmström said that ”today is a bad day for world trade.”

“We did everything to avoid this outcome,” said Malmström, who had repeatedly met during the past couple of months with Trump administration officials in Washington to reach an exemption agreement.

Read more: http://thehill.com/policy/finance/390049-the-eu-says-it-will-retaliate-for-us-steel-aluminum-tariffs

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What a clusterfuck.

[elleng]

1. and the markets

MARKET SNAPSHOT 11:05 AM

S.&?P. 500–0.44%

DOW–0.95%

NASDAQ–0.1%

[BumRushDaShow]

2. Getting rid of "Obama's Legacy" apparently includes completely trashing the economy

that Obama spent 8 years bringing back from the GOP's last disaster.

[tparrett62]

3. Just saw Wilbur Ross comment on the same

How old is that mummy??? Holy shit, it looked like getting every single word out took all of his energy.

[Bernardo de La Paz]

4. Trump reportedly poised to ban German luxury carmakers in the US

Trump reportedly poised to ban German luxury carmakers in the US
Source: CNBC

President Donald Trump is preparing to impose a total ban on German luxury carmakers from the U.S. market, according to an exclusive report by German magazine WirtschaftsWoche.

Citing several unnamed U.S. and European diplomats, the weekly business magazine reported that Trump told French President Emmanuel Macron last month he would maintain his trade policy with the aim of stopping Mercedes-Benz models from driving down Fifth Avenue in New York.

The report comes less than two weeks after the U.S. Department of Commerce launched an investigation into automobile imports to determine whether they "threaten to impair the national security" of the U.S. That could lead to tariffs of up to 25 percent on the same "national security" grounds used to impose metal imports charges in March.

Europe's autos sector was trading lower shortly after the report was published Thursday, with German automakers leading the losses during mid-morning deals. Shares of Daimler, Porsche and Volkswagen were all trading off around 1 percent on the news.

Read more: https://www.cnbc.com/2018/05/31/trump-reportedly-poised-to-ban-german-luxury-carmakers-in-the-us.html

[roamer65]

8. The response will be a complete ban on American agricultural products.

The EU will then go to Argentina and Brazil for what they need to import.

[Bernardo de La Paz]

9. Canada is negotiating trade agreements with EU. MAGA Making America Go Alone. . . . nt

[JustAnotherGen]

5. Good

It will directly impact my company - but this needs to happen. It will have a much greater impact on square state business owners who have to pay the higher gas prices AND tariffs - than it will my democratic Chinese immigrant private business owner.

We will weather this storm - he weathered far worse when he escaped to here.

[Initech]

6. He has seriously gone mad with power.

[TheRealNorth]

7. Doesn't Mercedes-Benz

Have a factory in Alabama? I bet everyone would shit a brick if they closed that down.