BELGIUM-EU-MEXICO-TRADE-ECONOMY
US President Donald Trump's decision to hike duties on steel and aluminium could result in retaliatory action from European Union and China, triggering a trade war and hurting global economic growth, S&P Global Ratings has said on Monday.
Europe's trade chief Cecilia Malmstrom described talks with Lighthizer as "frank" and said they had not brought clarity on the exemption procedure.
Trump expressed his dissatisfaction with USA trade deficits with Japan and the European Union in Twitter posts Saturday, though he did not specifically refer to steel trade with Japan. From there, she may travel to Washington, D.C.to continue NAFTA talks although her spokesman would only say her schedule is still being finalized.
European Commission Vice-President Jyrki Katainen said: "We all have to choose whether we want rules-based trade - which supports rules-based world order - or do we want rule of force, or the rule of the strongest, which we have now seen?"
"As a close security and trade partner of the United States, the European Union must be excluded from the announced measures", she tweeted after bilateral and trilateral meetings.
Seko did not go into what conditions might allow Japan to evade tariffs and, asked if Lighthizer had brought up the US trade deficit with Japan, Seko said no.
China threatened to slap retaliatory tariffs on U.S. farm products like soybeans, and the European Union said it too could impose tariffs on signature American brands like Harley Davison motorbikes, Levi's jeans and bourbon. "We will look at the impact on Japanese businesses and make a final decision".
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Trump later tweeted: "The European Union, wonderful countries who treat the US very badly on trade, are complaining about the tariffs on Steel & Aluminum".
Lighthizer did not make any immediate comment after the meetings.
The visit had been planned for weeks as a follow-up discussion on overcapacity, seen by observers as a swipe at China.
Critics point out that the tariffs will do more harm than good to the overall United States economy.
But they appeared to win no quick concessions.
Donald Trump's decision to add tariffs to steel and aluminum imports has shaken global markets. North American Free Trade Agreement negotiations, which are already progressing slowly, could easily break down. "We are talking about unilateral action against global rules". "With more than 30 percent of USA gross farm income depending on agricultural exports, and with so many farmers and ranchers riding the line between profitability and economic calamity, today's action only serves to destabilize the agricultural economy further".
Mr. Trump justified the tariffs on national security grounds, specifically the need to secure a domestic supply of metals such as aluminum, for the manufacture of military equipment. "The initial USA tariffs could lead to an escalation of punitive, retaliatory tariffs by trading partners despite the known welfare damaging effects", S&P Global Ratings economist Paul Gruenwald said.
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