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00:00:02
>> While Donald Trump's trade war with China simmers, he's about to turn up the heat in Europe. Sources told Reuters that the White House is said to hit the EU with steel and aluminum tariffs. An announcement is expected as early as Thursday. The US president slapped a 25% tariff on steel imports and a 10% tariff on aluminum back in March, calling it a matter of national security.
00:00:25
>> We want a lot of steel coming into our country, but we want it to be fair. And we want our workers to be protected, and we want frankly, our companies to be protected.>> Trump gave temporary exemptions to the EU and five other trading partners, giving them a chance to hammer out agreements with the US.
00:00:44
But talks with the EU have gone nowhere, and the exemption runs out on Friday, June 1st. The Trump administration wants the EU to cut back on its metals exports to the U.S.. Other countries like Australia and South Korea have one permanent exemptions to the tariffs because they've agreed to quotas, but the EU has refused.
00:01:06
FOREIGN]
> Europe is united and firm. We've worked in an extremely intensive manner in recent weeks to avoid the increase in tariffs to allow for an evolution towards freer markets. But we are also prepared to react.>> The EU says it's ready to retaliate with it's own crackdown on US imports like peanut butter and denim jeans.
00:01:27
Trump's tariffs come amid a global glut in steel and aluminum, which experts blame on overproduction in China. The tariffs have cause a lot of friction with US trading partners around the world, and it's not over yet. Last week, Trump launched yet another national security investigation into car and truck imports that could lead to even more tariffs.