Washington’s steel tariffs announcement angers trading partners, as they threaten retaliation

Mexico, China and Brazil to say they are planning a retaliation.

Washington’s steel tariffs announcement angers trading partners, as they threaten retaliation

Mexico, China and Brazil to say they are planning a retaliation.

02 mart 2018 Friday 08:56
Washington’s steel tariffs announcement angers trading partners, as they threaten retaliation

The U.S ‘s announcement to impose steep tariff on steel and aluminiam imports has sparked reaction among its major trading partners.

President Donald Trump said on Friday that he is going to impose tariff on the said commodities, a development which has made countries like Canada and those of the European Union to say they will forward their own countermeasures on the new tariff.

The BBC reprted that the announcement has also caused countries like Mexico, China and Brazil to say they are planning a retaliation.

Media reports said president Trump tweeted that the US had been "decimated by unfair trade and bad policy". He said steel imports would face a 25% tariff and aluminium 10%.

According to critics , the U.S’s tariffs would fail to protect American jobs and would raise prices for consumers.

The news sent shares in Asia down on Friday, with Japan's benchmark Nikkei 225 losing more than 2% by mid-morning.

Shares in Japan's car-making giant Toyota were down more than 2% and Nippon Steel stocks down more than 4%.

Toyota said the US decision would "adversely impact automakers, the automotive supplier community and consumers".

European Commission President Jean-Claude Juncker said the tariffs would put thousands of European jobs at risk.

In Canada, the largest supplier of steel and aluminium to the US, trade minister Francois-Philippe Champagne said any tariffs would be "unacceptable".

Minister of Foreign Affairs Chrystia Freeland said Canada would take "responsive measures" if restrictions were imposed .

Brazil, a large steel exporter to the US, threatened multilateral or bilateral action to protect its interests.

Germany's steel industry federation, WV Stahl, said the US measures violated the rules of the World Trade Organization and would have a major impact on Germany's steel market.

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