Economy

China May Hit Back If US Imposes Tariffs on Steel

China May Hit Back If US Imposes Tariffs on Steel

Most of the steel and aluminum products imported from the United States are low-end civilian products and stakeholders - including those in the EU, Canada, Russia, China, South Africa, South Korea and Vietnam - have proved during the investigations that their exports to the USA have not hurt that country's national security, Wang said.

Ross said he would not be surprised if countries challenged the measures at the World Trade Organisation.

Trade investigation under "Section 232" of the Trade Expansion Act the Commerce Department applied this time seeks to determine whether steel imports pose a threat to the United States national security.

Among the recommendations in the reports are a global tariff of 24% on all steel imports.

The ASA has previously noted the potential for negative soybean trade reactions from China if a decision on tariffs was made, it said. The division has played out significantly in trade investigations, with the globalist wing - led by Treasury Secretary Steven Mnuchin, Secretary of State Rex Tillerson and a chief economic adviser, Gary Cohn - often butting heads with the protectionist camp - led by U.S. Trade Representative Robert Lighthizer, Commerce Secretary Wilbur Ross and the director of the National Trade Council, Peter Navarro. "Imports of steel from Japan are integral to the U.S. economy and do not threaten the national security of the United States", it said.

"(Tariffs on steel) are part of Trump's policy aimed at his political supporters ahead of the November mid-term elections and for his second term for president", Paik said.

In a meeting with his key secretaries on Monday, Moon called on the government to "firmly and resolutely" deal with Washington's measures to protect its homegrown industries by imposing steep tariffs on imported products.

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The department said that the United States is the world€™s largest importer of steel, as the country€™s imports are almost four times its exports. "Domestic steel mills use a production process that is unable to produce the steel necessary to make tires", she said.

Taking aim at Seoul, which is strained over Trump's sabre rattling over North Korea's nuclear programme, he complained that America's free trade deal with South Korea "was a disaster". Their excess capacity alone exceeds the total USA steel-making capacity, € the statement read.

Last year's exports to the U.S. included 782,725 tonnes of carbon steel, including HRC, steel rails, wire rod and galvanized sheet. The once thriving manufacturing industry in the Northern and Midwestern United States has nearly vanished. The measures will be created to prevent sales via third countries.

Trump has to make a decision on steel by April 11 and on aluminum by April 19.

He noted that for growth in apparent steel consumption to be sustainable, gross domestic product has to grow by at least 5% - and the South African economy has not grown at those levels since 2007.

The spokesman told TASS that Russia sent 35 percent and 27 percent, respectively, of its cast iron and ferroalloy exports to the United States, so it would be "difficult" for Russian companies to find new markets for such exports if the US tariffs were imposed.

Ade said the significant uncertainty in steel production and imported input cost, which was sensitive to exchange rate volatility, was of particular concern.


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