Published: Thu, June 07, 2018
Worldwide | By Angelina Lucas

European Union trade official: U.S. 'closed the door' on tariff talks

European Union trade official: U.S. 'closed the door' on tariff talks

"Mexico has the right to take measures with equivalent commercial effects", the economy ministry said in a statement explaining the tariffs. "She said the U.S. and United Kingdom and European Union are close national security allies and we recognise the importance of the values of open and fair trade across the world".

A man works in a steel distribution factory in Monterrey in northern Mexico last week, when the USA tariffs on steel and aluminum took effect.

The peso sank to its weakest in more than a year earlier Tuesday on concern the US may leave the North America Free Trade Agreement and try to negotiate two separate free trade deals with Mexico and Canada.

The U.S., Mexico and Canada are locked in a contentious renegotiation of the North American Trade Agreement.

Trump has infuriated European Union members, Canada and Mexico by imposing tariffs of 25 percent on steel and 10 percent on aluminium, ending months of uncertainty about potential exemptions and suggesting a hardening of the United States approach to trade negotiations. Big trade barriers against U.S. farmers, and other businesses, will finally be broken.

Canadian Prime Minister Justin Trudeau called the US tariffs on Canadian aluminum and steel "unacceptable".

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It said Kim wanted to meet Trump but didn't make any concessions or threats, as have marked his previous communications. On Friday, Trump told the press that the "letter was a very nice letter" and offered to share it with them.

Mexico has received backing in the dispute from its domestic business sector.

The trade gap is thus not shrinking as quickly as President Trump had hoped, despite his imposition of steel and aluminium tariffs in March.

"It is very hard to reach a negotiation when measures of this nature are suddenly taken", the minister said.

U.S. President Donald Trump was scheduled to meet with his trade advisers on Tuesday to discuss China's offer, Reuters reported.

The US is Mexico's largest trading partner, receiving about 80 per cent of the country's exports.

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