China's foreign minister slams Trump tariffs

Trump said Thursday the tariffs of 25 percent on steel and 10 percent on aluminum imports will be in effect for a long period of time.

The analysis came a day after Trump surprised seemingly everyone with specific, imminent tariffs on the materials.

Canadian Prime Minister Justin Trudeau on Friday called US President Donald Trump's plan for tariffs on steel and aluminum imports "absolutely unacceptable" and warned of serious disruption.

Tariffs are not going to raise those US steel plants from the dead. That is no showstopper, they contended.

"We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk", he said.

Meanwhile, industry will watch global trade developments for signs of tensions turning into trouble, and early signs pointed to emerging tensions.

Trade Minister Steve Ciobo is urgently seeking a call with his USA counterpart to push for an Australian exemption to Trump administration tariffs on steel and aluminium exports.

Canada has the largest share of steel imports to the United States at 16 percent, according to data from the Department of Commerce, followed by Brazil and South Korea, with steel imports from China down 5 percent in the most recent period. In 2017, the US imported 26.9 million tonnes of steel, with 16 per cent of it coming from Canada.

He said: "We must protect our country and our workers".

"I think we're going to look to the government to be creative".

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China's foreign minister slams Trump tariffs

If trade wars really were good and easy to win, the World Trade Organisation probably wouldn't exist.

Trump stoked further fears of worldwide turmoil on Friday by claiming "trade wars are good" and "easy to win".

The Mexican and Canadian ministers are likely to press Trump's trade envoy for more details on how their countries could be excluded from the blanket tariffs.

The Bush administration backed down before the European Union carried out its threat to impose the retaliatory measures.

"If the final measures of the United States hurt Chinese interests, China will work with other affected countries in taking measures to safeguard its own rights and interests", Wang Hejun, head of the ministry's trade remedy and investigation bureau, said in a statement on the ministry's website.

Trump will levy a 25 percent tariff on steel and 10 percent on aluminum.

"There is a significant volume of steel that will be displaced into the global market, which is already widely understood to be over capacity".

For certain grades of steel, the United States can not show there was any increase of imports a year ago, the European Union sources say, meaning it would not be allowed to apply safeguard measures to them.

During his visit, according to the official Xinhua news agency, Mr Liu and his hosts "agreed that the two countries should settle their trade disputes by cooperation rather than confrontation".

  • Jon Douglas