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EU weighs retaliatory measures to Trump's metal tariffs

EU weighs retaliatory measures to Trump's metal tariffs

"China doesn't want a trade war with the United States", Zhang Yesui, spokesman for the National People's Congress, told a news conference on the eve of the rubber-stamp parliament's annual session.

Ordering combative action on foreign trade, Trump declared on Thursday the U.S. would impose steep tariffs on steel and aluminum imports, escalating tensions with China and other trading partners and raising the prospect of higher prices for American consumers and companies.

China has stated its position on many occasions, Hua said.

Ford Motor Co. said "despite the fact that Ford buys the vast majority of its steel and aluminum for US production in the USA, this action could result in an increase in domestic commodity prices harming the competitiveness of American manufacturers". "If other countries follow the practice of the US, it will have a serious impact on worldwide trade order".

Canadian Foreign Minister Chrystia Freeland said Ottawa would retaliate against the US, calling any trade restrictions "absolutely unacceptable".

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Prime Minister Malcolm Turnbull raised the exemption issue with Mr Trump during his recent U.S. visit.

Beijing said that it does not want a trade war with the United States, but will refuse to sit idly by as Washington measures hurt its economy.

European Commission President Jean-Claude Juncker also said the EU would retaliate if Trump turned his plan into practice. "Right now", he told reporters, he is "100 percent" backing the tariffs - "but it could be a part of NAFTA", he added, referring to the ongoing negotiations with Mexico and Canada.

"No, we're not backing down", the president said later during an Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu. The U.S. government agency said U.S. had a $12.5 billion trade surplus for goods and services in 2016, exporting $320.1 billion and importing $307.6 billion. "This scenario would lead to the exact opposite outcome of the administration's stated objective, which is to protect American jobs", Walker said.

"The potential for escalation is real, as we have seen from the initial responses of others", said World Trade Organization director general Roberto Azevêdo. It is time to strengthen trade diplomacy to defend the country's trade interests.