EU promises firm response to ‘unjustified’ US tariffs; Bank of England’s Mann sees inflation threat easing

EU vows to respond firmly to ‘unjustified’ tariffs

The European Union has vowed to respond firmly to ‘unjustified’ tariffs imposed by the US, a move that threatens to spark a transatlantic trade war.

In a statement released after Donald Trump signed off 25% tariffs on steel and aluminium tariffs, European Commission President Ursula von der Leyen says:

I deeply regret the US decision to impose tariffs on European steel and aluminum exports.

Tariffs are taxes – bad for business, worse for consumers.

Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures.

The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers.

Separately, European Union trade commissioner Maros Sefcovic has told the European Parliament this morning that tariffs are a lose-lose scenario.

Sefcovic also argued that the new levies on aluminium and steel imports are bad for businesses and worse for consumers, Reuters reports, and will raise costs and fuel US inflation.

EU TRADE COMMISSIONER SEFCOVIC SAYS TRADE, LIKE ANY BASIS, THRIVES ON PREDICTABILITY AND FAIR RULES

EU TRADE COMMISSIONER SEFCOVIC SAYS EU PREPARED TO FACE UP TO ANY CHALLENGES IN THIS NEW ERA

EU TRADE COMMISSIONER SAYS WE ARE LOOKING INTO POSSIBILITY OF STRONGER TRADE TIES…

— PiQ (@PiQSuite) February 11, 2025

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EU TRADE COMMISSIONER SEFCOVIC SAYS TRADE, LIKE ANY BASIS, THRIVES ON PREDICTABILITY AND FAIR RULES

EU TRADE COMMISSIONER SEFCOVIC SAYS EU PREPARED TO FACE UP TO ANY CHALLENGES IN THIS NEW ERA

EU TRADE COMMISSIONER SAYS WE ARE LOOKING INTO POSSIBILITY OF STRONGER TRADE TIES…

— PiQ (@PiQSuite) February 11, 2025

EU TRADE COMMISSIONER: TARIFFS ARE TAXES, THEY ARE BAD FOR BUSINESSES AND WORSE FOR CONSUMERS

EU TRADE CHIEF: BY IMPOSING TARIFFS, THE UNITED STATES WILL BE TAXING ITS OWN CITIZENS, RAISING COSTS FOR ITS OWN BUSINESSES AND WILL FUEL INFLATION

— PiQ (@PiQSuite) February 11, 2025

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EU TRADE COMMISSIONER: TARIFFS ARE TAXES, THEY ARE BAD FOR BUSINESSES AND WORSE FOR CONSUMERS

EU TRADE CHIEF: BY IMPOSING TARIFFS, THE UNITED STATES WILL BE TAXING ITS OWN CITIZENS, RAISING COSTS FOR ITS OWN BUSINESSES AND WILL FUEL INFLATION

— PiQ (@PiQSuite) February 11, 2025

Bank of England policymaker Catherine Mann is now explaining why she voted for a half-point cut in interest rates last week, in a speech in Leeds.

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Mann is telling Leeds Beckett University that her “activist” strategy demanded a call for a large reduction to borrowing costs, to cut through the noise.

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[reminder: Mann and fellow policymaker Swati Dhingra were outvoted 7-2, with the majority at the Bank choosing a smaller rate cut]

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Echoing the point she makes in her FT interview today, Mann says:

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To conclude, as an activist policy maker, I chose 50 basis points now, along with continued restrictiveness in the future, and a higher long-term Bank Rate to

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1) ‘cut through the noise’,

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2) anchor expectations through the inflation hump, and

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3) acknowledge structural impediments and macroeconomic volatility in longer term.

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The European Union has vowed to respond firmly to ‘unjustified’ tariffs imposed by the US, a move that threatens to spark a transatlantic trade war.

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In a statement released after Donald Trump signed off 25% tariffs on steel and aluminium tariffs, European Commission President Ursula von der Leyen says:

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I deeply regret the US decision to impose tariffs on European steel and aluminum exports.

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Tariffs are taxes – bad for business, worse for consumers.

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Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures.

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The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers.

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Separately, European Union trade commissioner Maros Sefcovic has told the European Parliament this morning that tariffs are a lose-lose scenario.

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Sefcovic also argued that the new levies on aluminium and steel imports are bad for businesses and worse for consumers, Reuters reports, and will raise costs and fuel US inflation.

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EU TRADE COMMISSIONER SEFCOVIC SAYS TRADE, LIKE ANY BASIS, THRIVES ON PREDICTABILITY AND FAIR RULES

EU TRADE COMMISSIONER SEFCOVIC SAYS EU PREPARED TO FACE UP TO ANY CHALLENGES IN THIS NEW ERA

EU TRADE COMMISSIONER SAYS WE ARE LOOKING INTO POSSIBILITY OF STRONGER TRADE TIES…

— PiQ (@PiQSuite) February 11, 2025

nn”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1889228821423149314″,”elementId”:”3ce47347-93d6-4e31-ab6a-2026f2664474″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/PiQSuite/status/1889228821423149314″,”isThirdPartyTracking”:false,”html”:”

EU TRADE COMMISSIONER: TARIFFS ARE TAXES, THEY ARE BAD FOR BUSINESSES AND WORSE FOR CONSUMERS

EU TRADE CHIEF: BY IMPOSING TARIFFS, THE UNITED STATES WILL BE TAXING ITS OWN CITIZENS, RAISING COSTS FOR ITS OWN BUSINESSES AND WILL FUEL INFLATION

— PiQ (@PiQSuite) February 11, 2025

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European stock markets have made a muted start to trading, but that hasn’t stopped the UK’s blue-chip share index hitting another record.

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In London, the FTSE 100 share index has gained 0.25% or 22 points to 8,789 points, overtaking yesterday’s record, with weapons producer BAE Systems (+1.1%) among the top risers.

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France’s CAC 40 is up 0.17% while Germany’s DAX is flat.

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Unlike last week’s whipsaw experience on tariffs, where risk assets sold off and then recovered, the market reaction thus far has been fairly muted, says Mark Haefele, chief investment officer at UBS Global Wealth Management.

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UBS points out:

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The CBOE VIX Index of implied US equity volatility remains subdued at 15.8 points, within range of its 2025 lows. Gold has drawn more bids, rallying 2.6% over the past two sessions to a record high of $2,942/oz.

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With investors taking more of a tempered approach, Haefele makes several observations:

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Trade imbalances cannot easily be negotiated.

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It’s also important to distinguish between the different tariff categories under consideration.

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The metal tariffs may serve as negotiating leverage.

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Other partners with higher barriers to US goods are on notice.

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He adds:

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“Despite rising tariff risks, we still expect that a solid US economy, AI tailwinds, and gradual Fed rate cuts will offer a favorable backdrop for equities. We continue to expect the S&P 500 to end the year higher.”

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It’s always worth noting when a bird changes its plumage. Shedding one coat for another can be both attractive and informative – alerting us to a change in conditions (that’s enough Spring Watch, Ed).

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And as in ornithology, also in monetary policy. Last week, Catherine Mann – previously a hawkish Bank of England policymaker opposed to large interest rate cuts, emerged as a dove!

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City economists were surprised that Mann had joined the reliably dovish Swati Dhingra in voting for a large half-point cut to UK interest rates, when their seven colleagues only wanted a standard quarter-point reduction.

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Mann is expected to outline her thinking in a speech this morning.

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But in an interview with the Financial Times, just published, Mann says she voted for a half-point cut last week because of a weakening jobs market and slowing consumer demand, which will make it harder for businesses to hike prices and fuel inflation.

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Mann now believes that a weakening UK consumer will lead to “a lack of pricing power” for businesses.

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Channelling JM Keynes’s famous ‘when the facts change….’ quote, Mann says:

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“Demand conditions are quite a bit weaker than has been the case — and I have changed my mind on that,

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Mann also warns that the data is pointing to a “non-linear” fall in employment, as firms hit by a rise in the minimum wage and employer national insurance contributions rethink their headcount plans.

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Last week the Bank said it would take a ‘gradual and careful’ approach to easing monetary policy.

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Their new dove is not cautious, though! As Mann tells the FT:

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“To the extent that we can communicate what we think are the appropriate financial conditions for the UK economy, a larger move is a superior communication device, in my view.”

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EU trade ministers are set to hold a video conference on Wednesday, following last night’s announcement that the US will impose 25% tariffs on steel and aluminium tariffs, Reuters reports, citing EU diplomats.

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The European Commission, which oversees trade policy for the European Union, will seek to gauge views of the 27 EU members at the video conference due to take place at 3pm GMT.

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EU TRADE MINISTERS SET TO HOLD VIDEO CONFERENCE ON WEDNESDAY AFTER TRUMP CONFIRMS STEEL AND ALUMINIUM TARIFFS – EU DIPLOMATS

— PiQ (@PiQSuite) February 11, 2025

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In the City, quarterly profits at BP have fallen to a four-year low, as declining profit margins eat into earnings at its refinery operations.

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BP’s underlying replacement cost profit, its definition of net income, dropped to $1.17bn in the fourth quarter of 2024, down from $2.99bn last year.

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BP says:

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Compared with the third quarter 2024, the underlying result reflects weaker realized refining margins, higher impact from turnaround activity, seasonally lower customer volumes and fuels margins and higher other businesses & corporate underlying charge.

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On an annual basis, profits declined to $8.9bn (£7.9bn) last year from almost $14bn in 2023.

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CEO Murray Auchincloss has defended the drop in profits, arguing that BP has “laid the foundations for growth” by “reshaping” its energy portfolio in 2024, and would now “fundamentally reset our strategy and drive further improvements in performance”.

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Auchincloss is under pressure after activist investor Elliott took a stake in BP.

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Carlos Slim, Mexico’s richest man, has warned that tariffs simply don’t work.

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Speaking at his annual conference on Monday, Slim warned:

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“They increase inflation … the interest rate doesn’t go down … tariffs don’t solve problems.”

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Trump’s tariff threats are simply a negotiating tool, Slim argued.

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Slim, who is worth $81.5bn according to Bloomberg, controls the largest mobile-phone operator in Latin America, and also has stakes in commercial banks, energy companies, and Mexico’s construction industry.

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He also argued that Trump has a lot to do in the next four years, adding:

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“What the U.S. has to do is regain global leadership,” he said.

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“It would be interesting if he did a sort of double play, let’s say on one side reduce the costs of certain things and on the other channel it toward investment.”

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Asia-Pacific stock markets are mixed as traders digest Trump’s tariffs announcement.

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China’s CSI 300 index has dipped by 0.5%, while South Korea’s KOSPI is up 0.6%.

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Kathleen Brooks, research director at XTB says President Trump’s tariff policy “remains unclear”, and is thus difficult to price in by financial markets.

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She writes:

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Trump said on Monday that tariffs on metals could go higher, and other tariffs could be announced later this week. At this stage, traders have little clarity about how far Trump’s tariff policies will go, whether they are mostly a negotiating tactic or if they will have a more long-lasting economic impact. It is also unclear if it will spark a wave of protectionism.

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Are markets being too complacent, though?

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Brooks says:

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The Vix volatility index fell to 15.81 on Monday, which is below the 12-month average of 15.92. This is a clear sign that investors have some ‘tariff fatigue’ and it may take another driver, such as inflation concerns, to move the dial for equity markets. While volatility remains low, this could help stocks to grind higher.

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The gold price has hit a new record high as demand for safe-haven assets continues to push up bullion.

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The spot gold price traded as high as $2,942.70 per ounce after Donald Trump announced the new steel and aluminium tariffs. That means its gained over 11% so far this year.

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Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says:

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n

The US dollar extended gains and gold hit a fresh ATH fuelled by fresh tariff threats from Donald Trump. In addition, China now allows insurers to buy gold and hold 1% of their holdings in the precious metal as other investment options are not ideal at the moment.

n

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France’s Minister for Industry and Energy, Marc Ferracci, has responded to Trump’s tariffs, saying that Europe should respond in a united and firm manner, Reuters reports.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy, as reaction to the latest US tariffs comes in.

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Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.

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The modified US duties will be enforced “without exceptions or exemptions”, the president declared, dashing the hopes of countries that hoped to avoid them.

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Asked about the possibility of other countries retaliating against US tariffs, Trump said: “I don’t mind.”

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Canada’s industry minister said the US tariffs were “totally unjustified”, with Canadian steel and aluminum supporting key US industries including defense, shipbuilding, energy and autos.

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Meanwhile Hong Kong will file a complaint on recent US tariffs imposed on the city to the World Trade Organization, claiming the US has completely ignored the city’s status as a separate customs territory, chief secretary Eric Chan said on Tuesday.

n “This is absolutely inconsistent with the WTO rules. Of course, they have totally disregarded Hong Kong is a separate customs territory,” Chan, the China-ruled city’s number two official, told reporters.

n “We will file a complaint to the WTO regarding this unreasonable arrangement,” he said without giving specifics.

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Mann: Vote for big rate reduction ‘cut through the noise’

Bank of England policymaker Catherine Mann is now explaining why she voted for a half-point cut in interest rates last week, in a speech in Leeds.

Mann is telling Leeds Beckett University that her “activist” strategy demanded a call for a large reduction to borrowing costs, to cut through the noise.

[reminder: Mann and fellow policymaker Swati Dhingra were outvoted 7-2, with the majority at the Bank choosing a smaller rate cut]

Echoing the point she makes in her FT interview today, Mann says:

To conclude, as an activist policy maker, I chose 50 basis points now, along with continued restrictiveness in the future, and a higher long-term Bank Rate to

1) ‘cut through the noise’,

2) anchor expectations through the inflation hump, and

3) acknowledge structural impediments and macroeconomic volatility in longer term.

EU vows to respond firmly to ‘unjustified’ tariffs

The European Union has vowed to respond firmly to ‘unjustified’ tariffs imposed by the US, a move that threatens to spark a transatlantic trade war.

In a statement released after Donald Trump signed off 25% tariffs on steel and aluminium tariffs, European Commission President Ursula von der Leyen says:

I deeply regret the US decision to impose tariffs on European steel and aluminum exports.

Tariffs are taxes – bad for business, worse for consumers.

Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures.

The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers.

Separately, European Union trade commissioner Maros Sefcovic has told the European Parliament this morning that tariffs are a lose-lose scenario.

Sefcovic also argued that the new levies on aluminium and steel imports are bad for businesses and worse for consumers, Reuters reports, and will raise costs and fuel US inflation.

EU TRADE COMMISSIONER SEFCOVIC SAYS TRADE, LIKE ANY BASIS, THRIVES ON PREDICTABILITY AND FAIR RULES

EU TRADE COMMISSIONER SEFCOVIC SAYS EU PREPARED TO FACE UP TO ANY CHALLENGES IN THIS NEW ERA

EU TRADE COMMISSIONER SAYS WE ARE LOOKING INTO POSSIBILITY OF STRONGER TRADE TIES…

— PiQ (@PiQSuite) February 11, 2025

nn”}}”>

EU TRADE COMMISSIONER SEFCOVIC SAYS TRADE, LIKE ANY BASIS, THRIVES ON PREDICTABILITY AND FAIR RULES

EU TRADE COMMISSIONER SEFCOVIC SAYS EU PREPARED TO FACE UP TO ANY CHALLENGES IN THIS NEW ERA

EU TRADE COMMISSIONER SAYS WE ARE LOOKING INTO POSSIBILITY OF STRONGER TRADE TIES…

— PiQ (@PiQSuite) February 11, 2025

EU TRADE COMMISSIONER: TARIFFS ARE TAXES, THEY ARE BAD FOR BUSINESSES AND WORSE FOR CONSUMERS

EU TRADE CHIEF: BY IMPOSING TARIFFS, THE UNITED STATES WILL BE TAXING ITS OWN CITIZENS, RAISING COSTS FOR ITS OWN BUSINESSES AND WILL FUEL INFLATION

— PiQ (@PiQSuite) February 11, 2025

nn”}}”>

EU TRADE COMMISSIONER: TARIFFS ARE TAXES, THEY ARE BAD FOR BUSINESSES AND WORSE FOR CONSUMERS

EU TRADE CHIEF: BY IMPOSING TARIFFS, THE UNITED STATES WILL BE TAXING ITS OWN CITIZENS, RAISING COSTS FOR ITS OWN BUSINESSES AND WILL FUEL INFLATION

— PiQ (@PiQSuite) February 11, 2025

UK union Unite is urging the government to treat Britain’s steel industry as “critical national infrastructure”.

Unite general secretary Sharon Graham says Donald Trump’s steel tariffs should be “a wake-up call”, adding::

I have long been calling for the steel industry to be classified as critical national infrastructure – just as it is in the US.

UK steel production is a matter of national security. We now need to change the rules to ensure that the public sector buys UK produced steel, wherever it is available. This will create jobs and drive growth.

“Instead of leaving our security and our steel workers open to the whims of other countries, we should be protecting our domestic steel industry from unfair competition and ensuring that we can transition into a leading producer of green steel.”

FTSE 100 hits fresh record high as markets digest tariffs

European stock markets have made a muted start to trading, but that hasn’t stopped the UK’s blue-chip share index hitting another record.

In London, the FTSE 100 share index has gained 0.25% or 22 points to 8,789 points, overtaking yesterday’s record, with weapons producer BAE Systems (+1.1%) among the top risers.

France’s CAC 40 is up 0.17% while Germany’s DAX is flat.

UBS points out:

The CBOE VIX Index of implied US equity volatility remains subdued at 15.8 points, within range of its 2025 lows. Gold has drawn more bids, rallying 2.6% over the past two sessions to a record high of $2,942/oz.

With investors taking more of a tempered approach, Haefele makes several observations:

Trade imbalances cannot easily be negotiated.
It’s also important to distinguish between the different tariff categories under consideration.
The metal tariffs may serve as negotiating leverage.
Other partners with higher barriers to US goods are on notice.

He adds:

“Despite rising tariff risks, we still expect that a solid US economy, AI tailwinds, and gradual Fed rate cuts will offer a favorable backdrop for equities. We continue to expect the S&P 500 to end the year higher.”

UK inflation less of a threat as corporate pricing power weakens, BoE’s Mann says

And as in ornithology, also in monetary policy. Last week, Catherine Mann – previously a hawkish Bank of England policymaker opposed to large interest rate cuts, emerged as a dove!

Mann is expected to outline her thinking in a speech this morning.

Mann now believes that a weakening UK consumer will lead to “a lack of pricing power” for businesses.

Channelling JM Keynes’s famous ‘when the facts change….’ quote, Mann says:

“Demand conditions are quite a bit weaker than has been the case — and I have changed my mind on that,

Last week the Bank said it would take a ‘gradual and careful’ approach to easing monetary policy.

Their new dove is not cautious, though! As Mann tells the FT:

“To the extent that we can communicate what we think are the appropriate financial conditions for the UK economy, a larger move is a superior communication device, in my view.”

EU trade ministers to discuss Trump tariffs tomorrow

The European Commission, which oversees trade policy for the European Union, will seek to gauge views of the 27 EU members at the video conference due to take place at 3pm GMT.

EU TRADE MINISTERS SET TO HOLD VIDEO CONFERENCE ON WEDNESDAY AFTER TRUMP CONFIRMS STEEL AND ALUMINIUM TARIFFS – EU DIPLOMATS

— PiQ (@PiQSuite) February 11, 2025

“}}”>

EU TRADE MINISTERS SET TO HOLD VIDEO CONFERENCE ON WEDNESDAY AFTER TRUMP CONFIRMS STEEL AND ALUMINIUM TARIFFS – EU DIPLOMATS

— PiQ (@PiQSuite) February 11, 2025

South Korea’s trade minister Cheong In-kyo has predicted that Donald Trump’s 25% tariffs on steel and aluminium imports will reduce U.S. steel demand and erode steel exporters’ profitability.

Speaking at a meeting with steel companies today, Cheong said South Korea will “actively consider” whether there is room for negotiation on the tariffs – despite Trump having said the new levies will come “without exceptions or exemptions”.

Cheong also indicated that the tariffs may offer opportunities for Korean companies to find new export markets [British steelmakers fear that UK market could be hit by a wave of cheap metal once US tariffs come in].

Shares in South Korean steelmakers extended losses on Tuesday, with POSCO Holdings down 0.8% and Dongkuk Steel Mill losing 0.9%

BP profits drop

In the City, quarterly profits at BP have fallen to a four-year low, as declining profit margins eat into earnings at its refinery operations.

BP’s underlying replacement cost profit, its definition of net income, dropped to $1.17bn in the fourth quarter of 2024, down from $2.99bn last year.

BP says:

Compared with the third quarter 2024, the underlying result reflects weaker realized refining margins, higher impact from turnaround activity, seasonally lower customer volumes and fuels margins and higher other businesses & corporate underlying charge.

On an annual basis, profits declined to $8.9bn (£7.9bn) last year from almost $14bn in 2023.

Auchincloss is under pressure after activist investor Elliott took a stake in BP.

Mexico’s richest man says tariffs don’t work

Carlos Slim, Mexico’s richest man, has warned that tariffs simply don’t work.

Speaking at his annual conference on Monday, Slim warned:

“They increase inflation … the interest rate doesn’t go down … tariffs don’t solve problems.”

Trump’s tariff threats are simply a negotiating tool, Slim argued.

He also argued that Trump has a lot to do in the next four years, adding:

“What the U.S. has to do is regain global leadership,” he said.

“It would be interesting if he did a sort of double play, let’s say on one side reduce the costs of certain things and on the other channel it toward investment.”

Asia-Pacific stock markets are mixed as traders digest Trump’s tariffs announcement.

China’s CSI 300 index has dipped by 0.5%, while South Korea’s KOSPI is up 0.6%.

Kathleen Brooks, research director at XTB says President Trump’s tariff policy “remains unclear”, and is thus difficult to price in by financial markets.

She writes:

Trump said on Monday that tariffs on metals could go higher, and other tariffs could be announced later this week. At this stage, traders have little clarity about how far Trump’s tariff policies will go, whether they are mostly a negotiating tactic or if they will have a more long-lasting economic impact. It is also unclear if it will spark a wave of protectionism.

Are markets being too complacent, though?

Brooks says:

The Vix volatility index fell to 15.81 on Monday, which is below the 12-month average of 15.92. This is a clear sign that investors have some ‘tariff fatigue’ and it may take another driver, such as inflation concerns, to move the dial for equity markets. While volatility remains low, this could help stocks to grind higher.

Gold at new record high after Trump tariffs

The gold price has hit a new record high as demand for safe-haven assets continues to push up bullion.

The spot gold price traded as high as $2,942.70 per ounce after Donald Trump announced the new steel and aluminium tariffs. That means its gained over 11% so far this year.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says:

The US dollar extended gains and gold hit a fresh ATH fuelled by fresh tariff threats from Donald Trump. In addition, China now allows insurers to buy gold and hold 1% of their holdings in the precious metal as other investment options are not ideal at the moment.

French Industry Minister responds to Trump tariffs calling for united Europe response

France’s Minister for Industry and Energy, Marc Ferracci, has responded to Trump’s tariffs, saying that Europe should respond in a united and firm manner, Reuters reports.

Callum Jones

Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.

The modified US duties will be enforced “without exceptions or exemptions”, the president declared, dashing the hopes of countries that hoped to avoid them.

Trump first imposed steep tariffs on foreign steel and aluminum during his first presidency. The action announced on Monday night ends exemptions granted to certain countries, and increases the duty rate on aluminum.

The changes are not due to come into effect until 4 March, however, according to a White House official – raising the prospect of the Trump administration brokering deals with governments seeking reprieve.

Countries including Australia have already been making their case and Trump later said he would give “great consideration” to Australia’s request for an exemption to the steel tariffs due to that country’s trade deficit with the US.

Opening summary

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy, as reaction to the latest US tariffs comes in.

Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.

The modified US duties will be enforced “without exceptions or exemptions”, the president declared, dashing the hopes of countries that hoped to avoid them.

Asked about the possibility of other countries retaliating against US tariffs, Trump said: “I don’t mind.”

Canada’s industry minister said the US tariffs were “totally unjustified”, with Canadian steel and aluminum supporting key US industries including defense, shipbuilding, energy and autos.

“This is absolutely inconsistent with the WTO rules. Of course, they have totally disregarded Hong Kong is a separate customs territory,” Chan, the China-ruled city’s number two official, told reporters.

“We will file a complaint to the WTO regarding this unreasonable arrangement,” he said without giving specifics.

Source: www.theguardian.com