2018.05.3112:28:00UTC+00U.S. To Impose Steel, Aluminum Tariffs On Canada, Mexico, And EU

Commerce Secretary Wilbur Ross announced Thursday the U.S. will impose tariffs on steel and aluminum imports from Canada, Mexico, and the European Union.

Ross told reporters the tariffs of 25 percent on steel imports and 10 percent on aluminum imports will take effect at midnight.

The move to impose the tariffs represents the latest in a series of protectionist moves by President Donald Trump and has drawn threats of retaliation by some of the major U.S. allies.

In a conference call with reporters, Ross suggested that the decision to impose the tariffs on Canada and Mexico reflected a lack of progress in talks to renegotiate the North American Free Trade Agreement.

Ross claimed that some progress had been in talks with the EU but said the negotiations had not gone far enough to continue the exemptions to the tariffs announced earlier this year.

"We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved," Ross said.

The move has drawn condemnation from U.S. allies, with European Commission President Jean-Claude Juncker calling the tariffs unjustified.

Stocks on Wall Street are turning in a mixed performance following the announcement from Ross, which has added to concerns about a global trade war.