Allies vow retaliation for tariffs

Levies hit metal imports from EU, Mexico, Canada

WASHINGTON — The Trump administration on Thursday imposed tariffs on steel and aluminum from Europe, Mexico and Canada in a move that drew immediate vows of retaliation.

Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling nearly

252 points, or 1 percent, to close at 24,415.84.

Commerce Secretary Wilbur Ross said the tariffs — 25 percent on imported steel, 10 percent on aluminum — would take effect Friday.

President Donald Trump had originally imposed the tariffs in March, saying a reliance on imported metals threatened national security. But he exempted Canada, Mexico and the European Union to buy time for negotiations — a reprieve that was set to expire at midnight Thursday.

Other countries, including Japan, America’s closest ally in Asia, are already paying the tariffs.

The administration’s actions drew fire from Europe, Canada and Mexico and promises to quickly retaliate against U.S. exports.

“This is protectionism, pure and simple,” said Jean-claude Juncker, president of the European Commission.

The EU earlier threatened to counterpunch by targeting U.S. products, including bourbon, blue jeans and motorcycles. David O’sullivan, the EU’S ambassador in Washington, said the retaliation will probably be announced in late June.

Mexico complained that the tariffs will “distort international trade” and said it will penalize U.S. imports, including pork, apples, grapes, cheeses and flat steel.

In Canada, Prime Minister Justin Trudeau said: “These tariffs are totally unacceptable.” Canada announced plans to slap tariffs on $12.8 billion of U.S. products, ranging from steel to yogurt and toilet paper.

The U.S. tariffs coincide with — and could complicate — the Trump administration’s fight over Beijing’s strong-arm tactics to overtake U.S. technological supremacy. Ross is leaving Friday for Beijing for talks aimed at preventing a trade war with China.