Trump's steel tariffs opposed by China

Violet Powell
March 12, 2018

The European Commission is considering a preliminary list of punitive tariff on USA products in response to Trump's adoption of protectionist tariffs under the pretext of preserving his country's national security.

The United States was "the steward, the leader, of establishing, of developing a system of worldwide relations", Norbert Röttgen, an ally of German Chancellor Angela Merkel who is the head of the foreign affairs committee of the lower house of Germany's Parliament, said at a conference in Brussels.

"Dialogue is always the prime option of the European Union", Ms Malmstroem told reporters yesterday, saying Brussels was "counting on being excluded" from the new duties. Retaliation measures could include European Union tariffs on American bourbon, oranges, and tobacco.

China accounts for a fraction of USA steel imports, but its industrial expansion has helped create a global glut that has driven down prices.

Trump drew on rarely-used national security grounds to place a 25 percent tax on steel imports and 10 percent tax on imported aluminum.

The country will consider filing a complaint with the World Trade Organization (WTO) if the USA presses ahead with the steel tariffs.

Amid the escalating row, European Central Bank chief Mario Draghi has voiced concern for the "state of global affairs". The tariffs disprove the notion that Congress and broader business interests would prevent the Trump administration from turning its saber-rattling into real sanctions, Prasad said.

Japan, another major U.S. ally in Asia, called Trump's decision to impose tariffs "regrettable".

The commerce minister reiterated Premier Li Keqiang's promise last week to liberalize the manufacturing industry and expand the opening up of sectors such as medical care, education and new energy vehicles.

A senior South Korean official said the tariffs would affect the renegotiation of the bilateral free trade deal with the U.S. that was now under way.

Freeland said it was absurd to consider Canadian steel a national security threat and that "as far as Canada is concerned there is absolutely no connection" between the national security reasons cited for the steel tariffs and NAFTA.

Ex-pharma exec Martin Shkreli sentenced to 7 years in prison
On Friday, judge Kiyo Matsumoto said the fraud case was not about Shkreli's "self-cultivated public persona". Instead, his victims were rich, sophisticated investors, who ultimately made a healthy profit, he said.

In the U.S., opposition to the tariff plans came from business leaders and prominent members of Mr Trump's own Republican Party, who fear they could spark retaliation from other countries and hurt the economy.

China's Commerce Ministry said it "firmly opposes" Trump's move which will lead to "a serious attack on normal worldwide trade order".

Canada's Foreign Minister Chrystia Freeland termed the two things "separate issues" while Mexico's economy ministry said "the negotiation of the NAFTA should not be subject to conditions outside the process". But it added that it will "do its best" to get on the list of countries that are exempt from the restrictions.

However, he took aim at Germany, reviving a longstanding gripe that European NATO allies do not pay their fair share.

They wrote that adding taxes in the form of tariffs would undermine the economic momentum of the recently passed GOP tax plan.

Brazil, which after Canada is the biggest steel supplier to the US market, said it wanted to join the list. Right now, we're in a period of global expansion.

Alawyer for Trump filed the arbitration proceeding against Daniels last week to seek a restraining order to "shut her up" and "protect Mr Trump", her lawsuit claims.

While the full economic impact remains unknown, the political fallout was swift with the top Republican in Congress Paul Ryan publicly denouncing Trump's move, and with top economic advisor Gary Cohn resigning in protest.

"But I have to work on trade deals".

"I have a feeling we're going to make a deal", said Trump.

Other reports by PlayStation Move reviews

Discuss This Article