White House
Beijing, Mar 9 China today demanded US President Donald Trump to revoke his decision to impose steep trade tariffs on foreign steel and aluminium, saying it "firmly opposed" the move which will seriously undermine worldwide trade order.
Describing the dumping of steel and aluminum in the U.S. market as "an assault on our country", Trump said in a White House announcement that the best outcome would for companies to move their mills and smelters to the United States. Finally, the heavy customs taxes that he stated to intend to bring to imported iron-steel and aluminum products in the last week have sparked debates in the global economic circles, as if he opened Pandora's box.
Trump also took to Twitter to say the USA had asked China to "develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States". Not one to back down, especially to the Europeans who he's previously mocked as "socialists", Trump dug in and tweeted back that "If the E.U. wants to further increase their already massive tariffs and barriers on USA companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S".
Trump said he was merely fulfilling a campaign promise, saying he had been talking about perceived trade injustices "a long time, a lot longer than my political career".
Last week Trump stunned the world - and his own aides - with an off-the-cuff announcement of his plan, even before White House lawyers judged the legality of the tariffs. He appeared to have conceded some ground after a campaign by Republican lawmakers, industry groups and USA allies overseas.
The US neighbor to the north was also by far the largest supplier of alumina and aluminum, followed by China, Russia and the United Arab Emirates. With Trump taking office, as in the case of him canceling the process regarding the Trans-Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment Partnership (TTIP) believing that they have no benefits to the USA, he forced Canada and Mexico to renegotiate the North American Free Trade Agreement (NAFTA).
And even as Trump approved the tariffs, 11 partners in the Asia-Pacific were in Santiago, Chile, to sign a multilateral trade deal embraced by president Barack Obama but rejected by Trump.
Canadian Foreign Minister Chrystia Freeland said Canada considered the two tracks to be totally separate. The tariffs take effect in two weeks.
The orders Trump unveiled at the White House on Thursday put in place a 25 percent tariff on steel imports and a 10 percent tariff on aluminum.
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But facing an adverse ruling by the World Trade Organization and retaliation by trading partners, he lifted them 15 months before the end of the planned three-year duration.
"We hope that we can get confirmation that the EU is excluded from this", EU Trade Commissioner Cecilia Malmstroem told policy makers, experts and reporters at a German Marshall Fund event in Brussels. "I will seek more clarity on this issue in the days to come".
In fact, India will be largely unaffected by the tariffs except for the fact that major exporting countries that face tariff barriers in the USA may now divert their goods to India's large consumer market, affecting Indian producers. For instance, inasmuch as Trump has said ad nauseum that foreign imports have destroyed the American steel industry ("and a country that has no steel industry is not a country to speak of"), tariffs on imported steel will affect more workers in the USA auto industry (which depends on imported steel) than it will benefit domestic steel workers, who in any case produce steel at higher cost than the imports.
Several major trading partners have said they might respond to the tariffs with direct action.
Representatives Speaker Paul Ryan's home state of Wisconsin. He also signed one for steel.
Trump suggested the United States will take into account a country's military contributions when determining whether to exempt it from tariffs.
Beijing, which until now had kept largely silent on the issue, sharpened its rhetoric significantly.
The US also exports $ 1.3 billion in agricultural products to India, including tree nuts ($522 million), cotton ($250 million), pulses ($144 million), fresh fruit ($72 million), and planting seeds ($32 million).
"Especially given today's globalization, choosing a trade war is a mistaken prescription". "China will certainly make an appropriate and necessary response", Wang said at a press conference on the sidelines of the Communist Party's annual parliamentary session.
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