President Donald Trump's administration is planning to impose tariffs on European steel and aluminum imports after failing to win concessions from the European Union, a move that could provoke retaliatory tariffs and inflame trans-Atlantic trade tensions.
Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling almost 252 points, or 1%, to 24,415.84.
Trump's antagonistic trade policies - and specifically the steel and aluminum tariffs - drew global denunciation.
WHISTLER, Canada-Finance leaders of the closest US allies vented anger over the Trump administration's metal import tariffs but ended a three-day meeting in Canada on Saturday with no solutions, setting the stage for a heated fight at a G-7 summit next week in Quebec.
"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to USA industry including in defence projects which bolster U.S. national security".
Canadian Finance Minister Bill Morneau said he told Mnuchin it was "our absolute view that this is absurd that Canada could in any way be a security risk".
Trump announced plans for tariffs on foreign steel and aluminium in March, justifying them on national security grounds. But he exempted Canada, Mexico and the European Union to buy time for negotiations - a reprieve that expired at midnight Thursday.
All six of the other G7 countries are now paying the tariffs, which are largely aimed at curbing excess production in China.
European Commission President Jean-Claude Juncker has said the tariffs are targeted at countries not responsible for overcapacities, calling the US duties "protectionism, pure and simple".
Brussels previously threatened to slap tariffs on U.S. products including bourbon, motorcycles and blue jeans, as well as other products. David O'Sullivan, the EU's ambassador in Washington, said the retaliation will probably be announced in late June.
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In a speech at a Greater Albuquerque Chamber of Commerce luncheon, Udall said he's heard from civic leaders working in the Santa Teresa area that companies are ready to make investments, but are waiting to see if there will be a resolution to President Trump's efforts to overhaul NAFTA.
The world's two biggest economies have threatened to impose tariffs on up to $200 billion worth of each other's products.
They come as the two countries, along with Mexico, are trying to hammer out a renegotiated North American Free Trade Agreement and after Trump sent a warning to Trudeau late Thursday that the days of the USA being taken advantage of in trade deals "are over".
Canada is imposing dollar-for-dollar tariff "countermeasures" on up to $16.6 billion worth of USA imports in response to the American decision to make good on its threat of similar tariffs against Canadian-made steel and aluminum.
Trump's imposition of tariffs on America's largest foreign providers of the crucial metals - the European Union and Canada are the largest U.S. exporters of steel and aluminum respectively - upended the agenda for this normally convivial event for consensus-building among countries which account for about half of global GDP. But the NAFTA talks stalled.
While the tariffs being higher than expected could certainly have ramifications for United States businesses, experts say they would be permitted under worldwide law.
EU?foreign policy chief Federica Mogherini said the bloc would trigger a dispute settlement case at the WTO and also apply retaliatory tariffs.
The import duties will give a boost to American makers of steel and aluminium by making foreign metals more expensive.
"So I answered that, unfortunately, if that was a precondition to our visit, I was unable to accept - and so we did not go to Washington for that day of negotiations".
United Kingdom steel producers could be shut out of an American market where they sold around £350 million of exports a year ago, while also facing increased competition from a "tsunami" of as much as 25 million tonnes of cheap steel diverted away from the USA, he told BBC Radio 4's World At One.
Trudeau said he regrets the action but said they must do it.