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China’s commerce ministry said on Friday that it “resolutely opposed” a move by US President Donald Trump to impose tariffs on steel and aluminum imports and called for the United States to withdraw the measures as quickly as possible.
China’s Ministry of Commerce said China would assess any damage caused by the US move and “firmly defend its legitimate rights and interests.” It added that the tariffs would “seriously impact the normal order of international trade.”
On Thursday Trump pressed ahead with import tariffs of 25 percent on steel and 10 percent for aluminum but exempted Canada and Mexico and offered the possibility of excluding other allies, backtracking from an earlier “no-exceptions” stance.
China steel body calls for government response to US trade tariffs
China’s steel association said on Friday that it “strongly opposed” US tariffs on steel imports and called for the Chinese government to take measures in response against US imports into the world’s number two economy.
The China Iron and Steel Association made the comments on its official microblog after US President Donald Trump pressed ahead with the imposition of the tariffs.
France regrets US tariffs, will assess response: finance minister
France and its European Union partners will assess the impact of US President Donald Trump’s tariffs on steel and aluminum imports announced on Thursday and look at how to respond, French Finance Minister Bruno Le Maire said.
“There are only losers in a trade war,” Le Maire said in a statement on Twitter, adding that France regretted the US announcement. “With our EU partners, we will assess consequences on our industries and agree (on an) appropriate response.”
IMF's Lagarde fears 'tit-for-tat' escalation from Trump tariff move
International Monetary Fund (IMF) Managing Director Christine Lagarde delivers opening remarks at the IMF’s 17th Jaques Polak Annual Research Conference in Washington, November 3, 2016.
International Monetary Fund Managing Director Christine Lagarde said on Thursday that she feared a “tit-for-tat” escalation of trade retaliation over US President Donald Trump’s steel and aluminum tariffs that would sap business confidence and investment.
Lagarde, speaking at a Washington Post forum on women’s issues, said it was not the direct economic impact from the tariffs that concerned her most, but its role as a “trigger” for retaliatory responses from trading partners worldwide.
“It is that escalation that is in and of itself dangerous for the impact that it has on all those economies, and furthermore for the impact that it has on confidence,” Lagarde said, noting that trade has been an engine of growth that has fueled a stronger global recovery in recent months.
“And confidence is a super-precious good that builds over time and can be destroyed very quickly,” Lagarde said. “If the perception of investors around the world is that this is uncertain, and you never know where the tariffs are going to go, how high, how low, against whom... then you step back and you don’t invest, you wait and that confidence impact could be significant.”
The tariffs are due to start in 15 days and initially exempt Canada and Mexico.
(REUTERS)
