Tuesday, 13 November 2018
Latest news
Main » Germany backs European Union decision to respond to U.S. steel tariffs-spokesman

Germany backs European Union decision to respond to U.S. steel tariffs-spokesman

11 March 2018

The U.S. leader's proposal for a 25 percent tariff on steel imports and 10 percent on aluminum has rattled global markets as well as prominent congressional Republicans and business leaders anxious about the potential economic fallout.

The EU hopes to convince the U.S. that introducing tariffs on steel and aluminium imports is "not the right move", but is ready to act should any such measures be implemented.

Trump has justified the import tariffs in the name of national security, but he said on Thursday that additional countries could be made exempt, and he left the door open to negotiations.

Argentina accounts for just 0.6 per cent of USA steel imports and 2.3 percent of its aluminum imports. Argentina made a similar case.

Europe exports around 5 billion euros' (R73.6-billion) worth of steel and a billion euros' worth of aluminium to the U.S. each year, and the commission estimates Trump's tariffs could cost some 2.8 billion euros.

More news: Protestors are banned from taking action against a Barclays-backed oil pipeline

Japan, the United States' top economic and military ally in Asia, was next in line. Chief Cabinet Secretary Yoshihide Suga told a news conference that Japan's steel and aluminium shipments posed no threat to U.S. national security.

"It is certainly not the right way to include Europe. because we are friends, we are allies, we work together, we can not possibly be a threat to national security in the United States, so we are counting on being excluded", the Swede added.

Warning Trump's plans could lead to "a serious trade dispute" between Washington and the rest of the world, Tusk said European Union leaders would hold an emergency debate on the issue at a summit in Brussels on 22 and 23 March.

Malmstrom will meet with U.S. Trade Representative Robert Lighthizer on Saturday to discuss steel overcapacity and possible exonerations.

"We hope that we can get clarity that the European Union is excluded from this", she said.

More news: Huawei Y9 (2018) With Quad Cameras and Android Oreo Goes Official

It comes as Prime Minister Malcolm Turnbull confirmed Australia will be exempt from the tariffs once Mr Trump signs an executive order, . Earlier this week she warned the U.S. tariffs could jeopardise thousands of European jobs.

Trade tensions between Washington and Beijing have risen since Trump took office past year. China accounts for only a small fraction of United States steel imports, but its rapid rise to produce half the world's steel has helped create a global glut that has driven down prices. "These are measures that would defend our interests".

Recently, Donald Trump had talked about imposing tariffs on account of an uncertainty in the NAFTA trade deal.

China's steel and metals associations urged the government to retaliate, citing imports from the USA ranging from stainless steel to coal, agricultural products and electronics.

More news: (AAPL) Shares Sold by Carl Domino Inc

Germany backs European Union decision to respond to U.S. steel tariffs-spokesman