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US allies hit back at Washington's steel, aluminum tariffs

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Canada and Mexico retaliated on Thursday after Washington imposed tariffs on steel and aluminum imports while the European Union had its own reprisals ready to go, reviving investor fears of a global trade war.

US allies hit back at Washington's steel, aluminum tariffs
Canada and Mexico retaliated on Thursday after Washington imposed tariffs on steel and aluminum imports while the European Union had its own reprisals ready to go, reviving investor fears of a global trade war.
Germany’s Economy Minister said early on Friday the EU might look to coordinate its response with Canada and Mexico.
The tariffs, announced by Commerce Secretary Wilbur Ross, ended months of uncertainty about potential exemptions and suggested a hardening of the US approach to trade negotiations.
The measures, touted by President Donald Trump in March, drew condemnation from Republican lawmakers and the country’s main business lobbying group and sent a chill through financial markets.
The Dow Jones Industrial Average lost 1 percent and the S&P 500 shed 0.69%. Shares of industrial heavyweights Boeing and Caterpillar both fell, with Boeing down 1.7% and Caterpillar down 2.3%. European shares opened higher, however.
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.
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