The Latest on the U.S. decision to impose new tariffs on European, Canadian and Mexican goods (all times local):
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10:55 a.m.
Former British trade minister Francis Maude has condemned the United States’ decision to impose tariffs on steel and aluminum imports as “stupid” and counterproductive.
Maude urged the European Union to avoid a “tit-for-tat” response and instead stick “robustly to free trade.” He was speaking a day after International Trade Secretary Liam Fox refused to rule out a trade war after the U.S. imposed tariffs of 25 percent on steel and 10 percent on aluminum imported from the EU, Canada and Mexico.
Maude on Friday told the BBC “this is stupid. It’s counterproductive, that any government that embarks on a protectionist path inflicts the most damage on itself.
“The inevitable result of putting these tariffs on imports will be to increase prices on consumer goods for its own citizens.”
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10:05 a.m.
Germany’s Volkswagen, Europe’s largest automaker, is warning the Trump administration’s decision to impose tariffs on aluminum and steel imports from Canada, Mexico, and the European Union could start a trade war that no side would win.
In a statement to The Associated Press, Volkswagen said Friday it views the tariffs with “regret and concern.”
VW says “there are fears that this marks the start of a negative spiral of measures and countermeasures where there will ultimately be no winners.”
The Wolfsburg-based company is calling for dialogue between the U.S. and the EU within recognized World Trade Organization principles “in order to prevent any long-term economic damage.”
It cautions “any escalation is harmful to both sides.”
In addition to Volkswagen vehicles, the company produces Audi, Porsche, and multiple other brands.
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10:00 a.m.
French President Emmanuel Macron has told U.S. President Donald Trump that the new U.S. tariffs on European, Mexican and Canadian goods are illegal and a “mistake.”
Macron’s office said in a statement Friday that the two presidents spoke by phone after Trump’s administration announced the decision Thursday to impose 25 percent tariffs on steel and 10 percent tariffs on aluminum.
The European Union is planning retaliatory tariffs on U.S. steel and food goods in the coming weeks, once it calculates the exact cost to European Union companies of the U.S. tariffs. Macron pledged the riposte would be “firm” and “proportionate” and in line with World Trade Organization rules.
The U.S. decision came despite last-minute talks in Paris this week to try to reach a deal.
