But Trudeau told a U.S. TV audience he sees them as separate issues: "We don't link together the tariffs and the negotiations with NAFTA", he told CNBC in an interview Monday from a Quebec aluminum plant, where he toured the facility and promised to continue standing up for the industry. While no further bilateral meetings are planned at the moment, contacts are ongoing as the European Union is racing against time to secure an exemption before the aluminum and steel tariffs are enacted in less than two weeks. It has threatened to slap retaliatory duties on around 2.8 billion euros ($3.4 billion) worth of USA steel, agricultural and other products like peanut butter and orange juice if it is not excluded from the tariff regime. That's set off a race for US allies to plead for special treatment, while China has warned of "strong" measures to protect its interests.
But his boss is impatient for action, and some trade analysts say they expect an announcement of new US trade measures next week. Barclays Plc has estimated as much as a 0.2 percentage point impact.
Canada, for its part, said it will lobby for a "permanent and full exclusion" from the tariffs, according to the nation's foreign minister, Chrystia Freeland. Who knows what product could next be slapped with punishing US tariffs?  Commerce initiated Section 232 investigations of steel (primarily, flat, long, pipe and tube, semi-finished, and stainless) and aluminum imports in April 2017, and duly reported its findings on January 11, 2018. Meanwhile, one United States study has estimated that the tariffs will bring back around 33,500 jobs in steel and aluminium, but ultimately result in a net loss of 146,000 jobs across the whole United States economy.More news: Signet Jewelers Limited (NASDAQ:SIG) Expected To Report Earnings On Wednesday
Eighty percent of the economists predicted a small increase in inflation from the trade policy, while the remainder saw no effect.
So what happens when a country imposes tariffs?
Moreover, there is a real question of whether the tariffs, based as they are on documented national security concerns, really do qualify as violations of USA commitments.
"In some places trade has been to blame for the pains of globalisation or they used it as a scapegoat or they think we can live behind walls and borders", European Trade Commissioner Cecilia Malmstroem said at a trade conference in Brussels.More news: Trent Murphy, Bills reportedly agree on 3-year, $21 million contract
"We expect the impact on USA growth and inflation to be fairly limited", said Mikael Olai Milhoj, a senior analyst at Danske Bank in Copenhagen.
Naysayers argue tariffs will raise prices, spark a trade war, and do nothing to bolster America's military preparedness - the official rationale for the move. Experts largely blame overproduction by China for that. To put that into perspective, that's about $470 billion - roughly the size of Thailand's output. Japan, South Korea, China, Taiwan, Germany and Brazil were hardest hit. Yet most trade spats end up without that kind of damage, and most in the survey were hopeful.
That doesn't quite jibe with how other investors have been reacting to the Trump administration's imposition of tariffs created to raise steel industry utilization to 80% or better, boost domestic steel sales, and grow steel industry profits. Half the average weighted tariffs imposed by China, one third those imposed by Mexico, and one quarter what India imposes. The WTO agreements set out "Security Exceptions", that exclude "any action which [a member state] considers necessary for the protection of its essential security interests. relating.to such traffic in other goods and materials as is carried on directly or indirectly for the goal of supplying a military establishment".More news: The Verizon Communications Inc. (VZ) Position Cut by Sheets Smith Wealth Management