Trade wars do not have winners

Turnbull making personal push on steel

South Korea will use Trump's tariffs as an opportunity to seek new markets for its steel, the Trade Ministry said in a statement.

Europe's main steel federation said Trump's reasons for slapping tariffs on steel and aluminum are absurd and warned that the move could cost tens of thousands of jobs across the continent.

The government will also call on Washington to take into account the ongoing negotiations for the revision of the Korea-U.S.

"A tariff is a tax, plain and simple", said Matthew Shay, president and CEO of the NRF.

The Trump administration maintains the tariffs are necessary because the quantity of steel and aluminium in the global market is threatening to impair the "national security" of the US.

At the start of the month, Trump announced plans to impose duties on steel and aluminum imports.

Despite Trudeau's suggested prior to Trump's announcement that Canada would be exempt "because of the work we've been doing over the past week", it was lobbying by American states - particularly border ones - and Ontario, to Kathleen Wynne's credit, that undoubtedly did the most to bend Trump's ear.

The Ministry of Commerce said in a statement Friday that China will take "strong measures' to protect its own interests and warned the US government's actions will "seriously shake" the global trade order".

Citing Chinese researchers, Zhong said the USA has been overstating its trade deficit with China by about 20 percent every year.

The United States appears set to grant Australia an exemption from its new tariffs on steel and aluminium imports following discussions between President Donald Trump and Prime Minister Malcolm Turnbull.

Canada and Mexico have objected to tying the tariff issue to NAFTA, as it essentially stacks the deck in America's favor. Trump said his tariff orders were tailored to give him the authority to raise or lower levies on a country-by-country basis and add or take countries off the list as he deemed appropriate.

"If there is a violation, then we will seek consultations", he said.

The tariff plan has angered U.S. allies, including Canada, Mexico, Britain and members of the European Union, who argue that their exports to the United States do not pose a threat to USA national security. The total value of steel imports to the U.S. is $17bn, of which Australia contributes just $200m - about 1%.

The President's move is expected to be questioned and countered, and could further put the United States at odds with the global community.

China kicked off the debate about the planned tariffs on steel and aluminium at the closed-door meeting.

Freeland is coming off a tense week which started with the seventh round of NAFTA negotiations making little progress towards an agreement but ended with a sigh of relief when Canada and Mexico secured an exemption from new USA tariffs on steel and aluminum imports. "Big Deficit. If not, we Tax Cars etc. FAIR!"

Brazil, which after Canada is the biggest steel supplier to the US market, said it wanted to join the exemption list and Argentina made a similar case.

Concern among investors was further exacerbated by Tuesday's resignation of top White House economic advisor, Gary Cohn.

Abuse of the clauses on national security would damage the World Trade Organisation and other multilateral trade system, Wang said.

Area steel producers declined to discuss President Donald Trump's steel and aluminum tariffs announced Thursday, but many steel workers said they believe the tariffs would bring back jobs.


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