Global

Australia won't join U.S. steel WTO action

March 12, 2018 19:10·
Steel & Aluminum Tariffs Affecting Local Manufacturers

Steel & Aluminum Tariffs Affecting Local Manufacturers

Australia will not join any European Union complaint to the World Trade Organization (WTO) about President Donald Trump's introduction of new tariffs on imported steel and aluminum, Australian Prime Minister Malcolm Turnbull said on Monday.

President Trump explained, "America will remain open to modifying or removing the tariffs for individual nations as long as we can agree on a way to ensure that their products no longer threaten our security".

Mr Turnbull said he saw no contradiction in championing free trade on the world stage while imposing price-hikes on steel imports at home. "Any type of trade war. hurts us as an American company", Harris said. "We have given them more money", he said.

The speculation and uncertainty of the past two weeks however has wreaked havoc on the company's ASX share price, falling nearly 9.5 percent from a high of 16.78 cents (AUD) to 15.19 cents (AUD).

"The reality is that if China, the USA and Europe are involved in a trade war everyone is going to get hurt", he said.

After the Turnbull government secured an exemption for Australian exporters from new United States tariffs on steel and aluminium, Labor wants it to turn its focus to similarly protecting local businesses.

Bluepoint Confirms That It Is Working On Another Remake
At the time, no definitive reason was provided, though it being more than nine years old isn't a bad one. Bluepoint is already busy on its next project following the release of Shadow of the Colossus , 2018.

Red Raiders receive highest seed in NCAA Tournament since 1996
The other team in Nevada's region is No. 2 Cincinnati who will take on No. 15 Georgia State in the South Region. Texas Tech secured its 16th overall NCAA Tournament trip and has earned a bid in two of the last three seasons.

Ireland tops Scotland to clinch 6N title
By the time winger Blair Kinghorn claimed Scotland's sole try, Ireland had three, two to wing Jacob Stockdale . In terms of what Ireland will do against England next week, O'Connell reckons it will be more of the same.

"Global Trade at a Crossroad: US Steel and Aluminium Countries raise risk of retaliatory spiral", a report by S&P said the direct or first-round macroeconomic impact of these tariffs is likely to be negligible.

Some also fear that other nations stung by the US tariffs may look to dump steel products on Australian shores to drive the price down.

In February he told Prime Minister Malcolm Turnbull he would love for Australia to join the U.S. on freedom of navigation exercises in the South China Sea.

On Monday, Mr Turnbull said: "I know there's been speculation in the media about action being taken by other countries in the World Trade Organisation about the USA steel and aluminium tariffs".

Labor wants the government to triple the penalties for dumping - selling at an extremely low price - products into the Australian market, give the Anti-Dumping Commission more funding, and give that body all responsibilities for dealing with trade issues instead of splitting the job with the Productivity Commission.

Recommended News

Join The Conversation

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.