Investing.com - U.S. Commerce Secretary Wilbur Ross announced Thursday that the U.S. will impose trade tariffs on the EU, Canada and Mexico at midnight.
The tariffs will be 25% on steel and 10% on aluminum he said.
Argentina, Australian and Brazil have agreed to quotas. The decision on tariffs on Mexico and Canada was taken after talks on the North American Free Trade Agreement took too long, he said.
Trade talks with the EU have made progress but not enough to give continued exemptions, he added.
There is no longer a precise date when NAFTA talks will conclude, but if any party retaliates, that means there can't be more negotiations, Ross said.
There is potential flexibility to make changes and U.S. President Donald Trump has ability to do anything he wishes on trade, he said.