Asia's biggest exporters bristle over US tariffs, fanning trade war fears

Adjust Comment Print

Trump signaled other trade actions could be in the works.

Trump ordered higher tariffs Thursday, citing what he said was the need to protect U.S. national security by ensuring the survival of the country's metals producers. If other countries follow suit, then a vicious cycle may be counterproductive to the USA and spell disaster for the global economy which is recouping from the 2008 recession.

"He may be a globalist, but I still like him", Trump said of Cohn, who was sitting in the room and announced earlier this week he is resigning as director of the National Economic Council.

On BBC's Question Time, Dr Fox said the policy championed by Mr Trump was "the wrong way" to tackle the problem of cheap steel being dumped on the United States market. "A tenfold difference", the US President said.

"When it comes to a time when our country can't make aluminum and steel you nearly don't have a country", Trump said. We're going to have a great relationship, hopefully, with China, but we have to do something.

Responding to Mr Trump's move, a Number 10 spokesman said: "Tariffs are not the right way to address the global problem of over-capacity".

"We are focusing very much on gaining an exemption and that is what all our efforts have been directed to from the Prime Minister to the Trade Minister, all our officials, all our diplomats and that is what I have been doing here in NY".

President Donald Trump has signed proclamations imposing tariffs on imports of steel and aluminum.

Booby trap BOMB sparks police auto fire - Army called to scene
Police sources had earlier confirmed the woman was not a serving police officer. "My concern is for the officer and her family". According to local media, the fire was caused by the partial explosion of a booby trap bomb underneath the auto .

Steel and aluminum workers were invited to the White House for the afternoon announcement with Trump.

But countries had expressed outrage at his plans, and experts warned of new trade wars.

Other countries seeking exemptions from the tariffs will have to make their case through U.S. Trade Representative Robert Lighthizer, but the president will make the ultimate decision, a senior administration official told reporters Thursday.

He made exceptions, however, for Mexico and Canada, granted they renegotiate NAFTA.

His order included an indefinite but conditional exemption for Canada and Mexico. The Trump administration has not said how long the three sides have to come to a deal before the tariff exemptions will expire.

"We are an ally, not a threat", Katainen said.

Asked at the conference whether she was ready to react if the 28-country European Union was included in the USA tariffs, Ms Malmstrom said she stood ready to go to the WTO, the global trade arbiter, to impose the bloc's own safeguards within 90 days. It's not like American producers will keep prices where they are and simply manufacture more steel to make up for the lost imports.

US President Donald Trump's proposed hike in steel tariffs could be "devastating" for the United Kingdom steel industry and manufacturing, Britain's largest union, Unite have warned too.