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| World leaders hit back at Trump over 'totally unacceptable' tariffs – as it happened | |
| (about 1 hour later) | |
| And here’s what you need to know: | |
| Our full story on the day’s trade fears is here: | |
| After a momentous day on the international trade front, the Dow Jones industrial average closed the session 251 points down as investors sold off shares in manufacturers and corporations with global reach. Other US index were also lower, with the S&P 500 falling for the fourth time in five days. | |
| The tariff issue had “cast a pall over the animal spirits,” explained Libby Cantrill, managing director and the head of public policy for PIMCO, on Bloomberg TV. | |
| Some investors expressed concerns that trade tariffs could interrupt synchronized global growth. | |
| “The hard thing about protectionism, the hard thing about tariffs and quotas, is that you can almost think of it as it’s a slow moving disease, but it’s deadly,” Kristina Hooper, Invesco’s chief global market strategist, told Bloomberg. | |
| “When I look at protectionism, I don’t believe the market truly can price it in at this point because there’s still so many potential iterations. But right now it’s certainly moving further to the extremes when it comes to protectionism and that can be very problematic.” | |
| That’s code for expect trouble ahead. | |
| Thanks for reading – we’re going to wrap up this blog now. US jobs report on Friday – stay tuned. | |
| South of the border, Mexico’s ministry of economy has also issued a statement, saying it “deeply regrets and disapproves” the US decision to impose tariffs on imports of steel and aluminum from Mexico as of 1 June but reiterated “its openness to a constructive dialogue with the US”. | South of the border, Mexico’s ministry of economy has also issued a statement, saying it “deeply regrets and disapproves” the US decision to impose tariffs on imports of steel and aluminum from Mexico as of 1 June but reiterated “its openness to a constructive dialogue with the US”. |
| The statement read in part: “In response to the decision of the United States to impose tariffs, Mexico will adopt equivalent measures on a variety of products, including flat steel (hot and cold foil, including coated and tubes and pipes), lamps, pork legs and shoulders, sausages and food preparations, apples, grapes, cranberries, various cheeses, and other products, up to an amount comparable to damage caused by the United States’ action. | |
| “This measure will be in force for as long as the US government maintains the imposed tariffs.” | |
| Canada’s list of proposed counter measures is here. | |
| Freeland concluded her remarks saying: “I want to be very clear about one thing: Americans remain our partners, friends, and allies. This is not about the American people. We have to believe that at some point their common sense will prevail. But we see no sign of that in this action today by the US administration.” | |
| Canadian officials said they would impose tariffs against up to C$16.6bn worth of imports of steel, aluminium, whiskey, orange juice and other products from the US. “We are imposing dollar for dollar tariffs,” said Chrystia Freeland, Canada’s foreign affairs minister. The tariffs are expected to take effect on 1 July. | Canadian officials said they would impose tariffs against up to C$16.6bn worth of imports of steel, aluminium, whiskey, orange juice and other products from the US. “We are imposing dollar for dollar tariffs,” said Chrystia Freeland, Canada’s foreign affairs minister. The tariffs are expected to take effect on 1 July. |
| The tariffs violate Nafta and WTO trade rules, added Freeland, who said that Canada plans to launch dispute settlement proceedings under Nafta Chapter 20 and the WTO. | The tariffs violate Nafta and WTO trade rules, added Freeland, who said that Canada plans to launch dispute settlement proceedings under Nafta Chapter 20 and the WTO. |
| Canada’s foreign minister Chrystia Freeland says Canada will impose retaliatory measures against US steel, aluminium and other products – but subject to a 15-day consultation. | Canada’s foreign minister Chrystia Freeland says Canada will impose retaliatory measures against US steel, aluminium and other products – but subject to a 15-day consultation. |
| Freeland also said Canada would continue to defend “free, open rule-based trade” but would also challenge US tariffs under both the North American Free Trade Agreement and the Word trade Organisation. | Freeland also said Canada would continue to defend “free, open rule-based trade” but would also challenge US tariffs under both the North American Free Trade Agreement and the Word trade Organisation. |
| Trudeau said the tariffs will harm industries and workers on both sides of the Canada-US border. | Trudeau said the tariffs will harm industries and workers on both sides of the Canada-US border. |
| “They are an affront to the long-standing security partnership between Canada and the United States, and in particular an affront to the thousands of Canadians who have fought and died alongside their US comrades in arms. The ties of commerce, friendship and in many cases family between Americans and Canadians are undiminished. We are confident that shared values, geography and common interest will ultimately overcome protectionism.” | “They are an affront to the long-standing security partnership between Canada and the United States, and in particular an affront to the thousands of Canadians who have fought and died alongside their US comrades in arms. The ties of commerce, friendship and in many cases family between Americans and Canadians are undiminished. We are confident that shared values, geography and common interest will ultimately overcome protectionism.” |
| Canada’s prime minister Justin Trudeau has hit back strongly at the imposition of tariffs, calling them “ totally unacceptable” at a news conference. | Canada’s prime minister Justin Trudeau has hit back strongly at the imposition of tariffs, calling them “ totally unacceptable” at a news conference. |
| French President Emmanuel Macron said the United States’ decision to impose tariffs on European metals exports is illegal and a mistake. The French leader said he would talk to President Donald Trump on the subject later on Thursday | French President Emmanuel Macron said the United States’ decision to impose tariffs on European metals exports is illegal and a mistake. The French leader said he would talk to President Donald Trump on the subject later on Thursday |
| Canada’s prime minister Trudeau and Mexico’s president Enrique Peña Nieto have reportedly spoken and agreed to co-ordinate retaliation efforts... | Canada’s prime minister Trudeau and Mexico’s president Enrique Peña Nieto have reportedly spoken and agreed to co-ordinate retaliation efforts... |
| A formal complaint by the EU at the WTO in Geneva is expected tomorrow, Friday. | A formal complaint by the EU at the WTO in Geneva is expected tomorrow, Friday. |
| In joint statement the French minister and German finance minister, Bruno la Marie and Peter Altamira, said they regretted the “unilateral decision” taken by the White House and backed the European Commission’s retaliatory response. | In joint statement the French minister and German finance minister, Bruno la Marie and Peter Altamira, said they regretted the “unilateral decision” taken by the White House and backed the European Commission’s retaliatory response. |