Trump eyes tariffs on up to $60 bln Chinese goods

European Commission President Jean Claude Juncker

GETTYEuropean Commission President Jean Claude Juncker says retaliation is"inevitable

The Trump administration has set tariffs of 25 per cent on steel and 10 per cent on aluminum, applicable to every country except Canada and Mexico.

The bloc said that it's a close ally of the USA and therefore any import levies on national security grounds are unjustified.

President Donald Trump has ordered his chief trade negotiator to develop tougher tariff proposals to punish China for years of stealing US trade secrets, according to industry executives familiar with the matter.

Should Trump's tariffs stay in place for the long term, it is expected that the US steel and aluminum industry will benefit, with under-capacity mills increasing output and idled plants restarting.

The impact will be felt in the auto industry and businesses heavily reliant on steel - from the likes of Deere & Co.to oil drilling.

Shipping costs is a big factor, but it has proven to be worth it in the past.

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Let's say a country slaps a 20 percent tariff on imports of beef.

Consumers also could see small increases in products from canned soup to beverages.

Trump is targeting Chinese high technology companies to punish China for its investment policies that effectively force USA companies to give up their technology secrets in exchange for being allowed to operate in the country, as well as for other IP practices Washington considers unfair.

China runs a 375 billion dollar trade surplus with the United States and U.S. the administration wants China to come up with a way of reducing that number.

Trump came to office on a promise to shield American workers from imports and his first action as president was to pull the United States out of the 12-country Trans-Pacific Partnership trade deal. The lion's share of steel used here will be made here, and prices will likely decline, as furnaces operate closer to full capacity. Failure to do so "would give the impression to the European people that we are weak", Le Maire told reporters European metals industry conference.

In 2002, President George W. Bush imposed tariffs of up to 30 percent on most types of steel imports from Europe, Asia and South America, while giving exemptions to Mexico, Canada and developing nations. Putting a value on the intellectual property that Chinese individuals have reportedly siphoned from USA companies has been particularly vexing.

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The Alliance of Automobile Manufacturers warned the tariffs will also drive up the price of steel made in the U.S. The Beer Institute, a trade group representing the world's largest brewers, estimates the 10 percent tariff on the aluminum encasing most beer sold in the USA will push costs up by $348 million annually, threatening more than 20,000 jobs in the industry.

In 2009, President Barack Obama imposed a targeted tariff on Chinese tires as well as punitive tariffs on other Chinese goods. Now priced at 18.8 times earnings, most analysts have U.S. Steel stock pegged for only mid-single-digits profits growth over the next five years - about 5.5% compounded, according to data from S&P Global Market Intelligence.

Trump returned to the offensive over the weekend, raising the prospect of higher levies on European cars and telling supporters at a rally that the countries of the EU have banded together "to screw the US on trade".

Gary Cohn, Trump's top economic advisor, announced his resignation Monday, with White House sources telling media outlets that the decision was based on Trump's tariff push.

China has yet to offer a list, but soybeans have been frequently mentioned.

The other 11 nations signed an accord last week and have reached out to China.

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Malmstrom accused the Trump administration of using trade "to threaten and intimidate" Europeans and using the issue as a "scapegoat". This is the exact opposite of the increased global manufacturing prowess that Trump has promised.

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