President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium.

But The Wall Street Journal cited people familiar with the matter saying a last-minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address the global oversupply of the metals but thought it was largely aimed at China it hit US allies as well.

Washington exempted Canada and Mexico from the tariffs while negotiations continue to revamp the North American Free Trade Agreement, and South Korea agreed to quotas instead of tariffs.

The EU has vowed to hit back at the US with tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey.

The metals dispute is just one front in Trump's multi-sided trade confrontation that has hit economic partners and adversaries alike. He has veered from threats to compromise and back again, sowing confusion in global capitals.

He is pressing ahead with 25 per cent tariffs on $50 billion in Chinese goods, even after last week saying that dispute was "on hold," and 25 per cent tariffs on auto imports, which is likely to spark a fierce reaction from the EU as well.

The EU has vowed to hit back at the US with tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey

President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported Wednesday. Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium. But The Wall Street Journal cited people familiar with the matter saying a last-minute deal appeared unlikely, and the tariff announcement could come as early as Thursday. Trump imposed the tariffs in March to address the global oversupply of the metals but thought it was largely aimed at China it hit US allies as well. Washington exempted Canada and Mexico from the tariffs while negotiations continue to revamp the North American Free Trade Agreement, and South Korea agreed to quotas instead of tariffs. The EU has vowed to hit back at the US with tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey. The metals dispute is just one front in Trump's multi-sided trade confrontation that has hit economic partners and adversaries alike. He has veered from threats to compromise and back again, sowing confusion in global capitals. He is pressing ahead with 25 per cent tariffs on $50 billion in Chinese goods, even after last week saying that dispute was "on hold," and 25 per cent tariffs on auto imports, which is likely to spark a fierce reaction from the EU as well.

United States to impose steel tariffs on European Union: Report

On Friday, Japan told the World Trade Organization that it would withdraw its conciliatory stance toward United States over tariffs. The Abe administration noted that it was ready to take retaliatory measures against US tariffs on its steel and aluminium.

While China has already taken retaliatory measures, Japan had taken a conciliatory approach, attempting to win exemptions through dialogue.

The WTO was informed that Japan had the right to impose tariffs on US goods worth 50 billion yen ($451 million) -- equivalent to the impact of the US tariffs newly imposed on Japanese metal products.

"We plan to decide appropriately, considering the impact on Japanese companies as well as related US measures," Japanese foreign ministry noted in a statement.&nbsp

US President Donald Trump slapped 25 percent tariffs on steel and 10 percent on aluminium imports, primarily to target China, but also allies, including EU countries as well as Japan -- a move that sparked fears of a trade war in March when he decided to impose.

Trump has maintained that massive imports to the US threatened national security.

(With inputs from AFP)&nbsp

 
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Trump has maintained that massive imports to the US threatened national security

On Friday, Japan told the World Trade Organization that it would withdraw its conciliatory stance toward United States over tariffs. The Abe administration noted that it was ready to take retaliatory measures against US tariffs on its steel and aluminium. While China has already taken retaliatory measures, Japan had taken a conciliatory approach, attempting to win exemptions through dialogue. The WTO was informed that Japan had the right to impose tariffs on US goods worth 50 billion yen ($451 million) -- equivalent to the impact of the US tariffs newly imposed on Japanese metal products. "We plan to decide appropriately, considering the impact on Japanese companies as well as related US measures," Japanese foreign ministry noted in a statement. US President Donald Trump slapped 25 percent tariffs on steel and 10 percent on aluminium imports, primarily to target China, but also allies, including EU countries as well as Japan -- a move that sparked fears of a trade war in March when he decided to impose. Trump has maintained that massive imports to the US threatened national security. (With inputs from AFP)

Ready to retaliate against US steel tariffs: Japan tells WTO

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