'We had your backs': Trudeau on country's steel and aluminum workers

Asian stocks are taking a plunge as political worries ensue

Asian stocks are taking a plunge as political worries ensue

Trump tweeted Monday that US "Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the U.S.". He said both Canada and Mexico would be exempted until the North American Free Trade Agreement (NAFTA) is successfully renegotiated.

Eliminating these tariffs was the subject of the negotiations for a free trade agreement between the European Union and the USA which stalled under Trump, according to Malmstrom.

On the steel side, Australia is an important supplier of flat-rolled products to the USA market, in particular to steel processors on the West Coast.

Trump added that European countries are banding together to "screw the US" on trade.

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Last Thursday, Donald Trump announced - without first addressing his administration - that the United States would be invoking a policy allowing them to put tariffs of 10 per cent on aluminum and 25 per cent on steel when there is a "threat to national security".

Over the weekend, the bloc met with United States trade representative Robert Lighthizer to resolve the tariff row, but did not come to an agreement. Trump's move comes in the backdrop of a finding by the US Commerce Department that rising volumes of imports or shipments of steel and aluminium threatened US national security.

The Trump administration's decision to impose tariffs against steel and aluminum imports has sparked backlash not only internationally but also from within the GOP.

When proposed tariffs were initially announced, stock markets went into a tail spin on concerns they would ignite a global trade war. In fact, the impositions of tariffs on Canada would hurt the US nearly as much as Canada, he said. "We should prevent a trade war situation from excessive protectionism, in which the entire world harms each other", Trade Minister Paik Un-gyu told a meeting with steelmakers.

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"We are an ally, not a threat", European Commission Vice President Jyrki Katainen said.

Trump said last Thursday that he was slapping tariffs of 25 percent on imported steel and 10 percent on aluminum.

While some countries in the World Trade Organisation may be considering action, Mr Turnbull said the exemption meant Australia did not have a basis to bring a complaint.

The EU and Japan urged the United States on Saturday to grant them exemptions from metal import tariffs, with Tokyo calling for 'calm-headed behavior'.

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