The peso has dropped 6.4% in May, the biggest monthly decline since November 2016 after Donald Trump won the US presidential election. Throughout these talks, the United States has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU.
"We want open markets, free markets but we have to convince the U.S. administration", Mr Altmaier told German television. "If companies in those industries have to absorb greater costs incurred by the tariffs, they may respond by reducing employment or wages".
"Economic nationalism leads to war", Mr Macron said, adding he would talk to Mr Trump on the subject.
The Trump administration has been working on finalizing some version of its trade sanctions on China announced in March that included restrictions on Chinese investment, export controls and 25 percent tariffs on as much as $50 billion in Chinese tech goods.
"The fact that we took a tariff action does not mean that we can not have trade negotiations".
Canada, the largest supplier of steel to the United States, will impose tariffs covering C$16.6 billion (S$17.1 billion) on imports from the United States, including whiskey, orange juice, steel, aluminum and other products, Canadian Foreign Minister Chrystia Freeland said.
"Throughout these talks, the USA has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU", said Cecilia Malmstrom, EU Commissioner for Trade. The tariffs have been justified on the basis of Section 232 rules which allow trade protection from foreign imports that threaten national security.
The EU has threatened to retaliate with tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of Republican legislators who they wanted to stand up to Trump.
Mr Ross said talks had not made enough progress to warrant a further reprieve either for Europe or for Canada and Mexico, which are in negotiations with the U.S. over North America's free trade agreement. The threatened tariffs are all about putting more negotiating coinage on the USA side of the NAFTA negotiating table.
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In Canada, Prime Minister Justin Trudeau said: 'These tariffs are totally unacceptable'.
Canada, Mexico, and EU vow swift retaliation for Trump's tariffs
The tariffs are part of Trump's effort to protect USA industry and workers from what he described as unfair global competition. The world's two biggest economies have threatened to impose tariffs on up to $US200 billion worth of each other's products.
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FILE - Jose Mata grinds a steel pipe at the Borusan Mannesmann plant in Baytown, Texas, April 23, 2018.
The Mexican government, already at loggerheads with Trump over immigration and the border wall, said it would levy import taxes on U.S. exports of pork bellies, blueberries, apples, grapes, certain cheeses, and various types of steel.
He said he planned to travel to China on Friday for trade talks between the world's two biggest economies. Ryan said there are better ways to help American workers and consumers and that he plans to work with Trump on "those better options".
European Union countries have given broad support to the Commission's plan to set duties on 2.8 billion euros ($3.4 billion) of U.S. exports, including whiskey and motorbikes, if Washington ends the European Union tariff exemption.
But the White House also said the administration is still committed to "good-faith negotiations with our allies".
Germany's Economy Minister said early this morning that the European Union might look to coordinate its response with Canada and Mexico.
Mexico has also announced retaliatory tariffs on U.S. imports including pork bellies, apples, grapes, cheese and flat steel, according to a statement from Mexico's Economy Ministry.
Other countries, including Japan, America's closest ally in Asia, are already paying the tariffs.
The row has revived fears of a global trade war.
The United States is also exploring the possibility of putting new tariffs on cars.
Australia has once again sidestepped US President Donald Trump's haphazard use of hefty steel and aluminium tariffs against his allies, as a trade war looms.