The Latest on trade tensions between the United States and the European Union (all times local):
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10:40 a.m.
France’s finance minister says the U.S. shouldn’t see global trade like the Wild West or the “gunfight at the OK Corral.”
Bruno Le Maire called looming U.S. tariffs on European steel and aluminum “unjustified, unjustifiable and dangerous.” He reiterated European promises to respond with retaliatory tariffs.
Ahead of a meeting Thursday in Paris with U.S. Commerce Secretary Wilbur Ross, Le Maire said: “Global trade is not a ‘gunfight at the OK Corral.’ It’s not about who attacks whom, and then wait and see who is still standing at the end.”
He said a trade war would hurt growth everywhere, and argued for abiding by international rules instead.
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U.S. President Donald Trump says the tariffs are needed for U.S. national security.
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9:45 a.m.
U.S. and European trade chiefs are meeting hours before the U.S. is expected to impose tariffs on European steel and aluminum that could unleash a trade war.
U.S. Commerce Secretary Wilbur Ross told Le Figaro newspaper that a decision on tariffs would likely come after markets close Thursday. The U.S. decision is likely to be to impose tariffs, though there is slim hope that the two sides could reach a last-minute agreement.
Ross met Thursday morning in Paris with French Finance Minister Bruno Le Maire, whose government has vigorously objected to tariffs.
And U.S. Trade Representative Robert Lighthizer is meeting in Paris on Thursday with EU Trade Commissioner Cecilia Malmstrom among other international trade chiefs.
In his Le Figaro interview, Ross said the Americans are still open to discussion, and the EU would be to blame for any trade war if it imposes retaliatory tariffs as expected.
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6:30 a.m.
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.
The tariffs are likely to go into effect on the EU with an announcement by Friday’s deadline, according to two people familiar with the discussions. The administration’s plans could change if the two sides are able to reach a last-minute agreement, said the people, who spoke on condition of anonymity to discuss internal deliberations.
Trump announced in March the United States would slap a 25 percent tariff on imported steel, and a 10 percent tariff on imported aluminum, citing national security interests. But he granted an exemption to the EU and other U.S. allies; that reprieve expires Friday.
