China's MOC calls for US to withdraw trade tariffs on steel, aluminum imports

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China on Friday expressed "firm opposition" to US tariffs on steel and aluminum imports, saying the move will seriously undermine international trade order.

The tarriffs were based on so-called "national security" grounds, but the majority of imported steel and aluminum was for civilian use, said Wang Hejun, a senior official at China's Ministry of Commerce.

Abuse of the clauses on national security would damage the World Trade Organization and other multilateral trade system, Wang said.

China will take measures to defend its legitimate rights and interests, he said

China urged the United States to respect the multilateral trade system and revoke the policy as soon as possible, Wang said.

On Thursday US President Donald Trump pressed ahead with import tariffs of 25 percent on steel and 10 percent for aluminum, but exempted Canada and Mexico and offered the possibility of excluding other allies, backtracking from an earlier “no-exceptions” stance.

China steel body: damaging to the interests of consumers, especially American consumers

A separate statement released Friday morning by the China Iron and Steel Association said the move not only damaged the iron and steel industry across the world, but damaged the interests of consumers, especially American consumers.

Iron and steel trade has been the sector worst-hit by China-US trade frictions.

Before the Trump administration's Section-232 investigation, dozens of anti-dumping and countervailing measures had been imposed on almost all iron and steel products, with some tariffs already almost prohibitively high.

The association called on the government to take firm countermeasures against imports from the United States.

The China Iron and Steel Association made the comments on its official microblog after President Trump pressed ahead with the imposition of the tariffs.

France regrets US tariffs, will assess response: finance minister

France and its European Union partners will assess the impact of Trump’s tariffs on steel and aluminum imports announced on Thursday and look at how to respond, French Finance Minister Bruno Le Maire said.

“There are only losers in a trade war,” Le Maire said in a statement on Twitter, adding that France regretted the US announcement. “With our EU partners, we will assess consequences on our industries and agree (on an) appropriate response.”

IMF's Lagarde fears 'tit-for-tat' escalation from Trump tariff move

International Monetary Fund (IMF) Managing Director Christine Lagarde delivers opening remarks at the IMF’s 17th Jaques Polak Annual Research Conference in Washington, November 3, 2016. /Reuters Photo

International Monetary Fund Managing Director Christine Lagarde said on Thursday that she feared a “tit-for-tat” escalation of trade retaliation over President Trump’s steel and aluminum tariffs that would sap business confidence and investment.

Lagarde, speaking at a Washington Post forum on women’s issues, said it was not the direct economic impact from the tariffs that concerned her most, but its role as a “trigger” for retaliatory responses from trading partners worldwide.

“It is that escalation that is in and of itself dangerous for the impact that it has on all those economies, and furthermore for the impact that it has on confidence,” Lagarde said, noting that trade has been an engine of growth that has fueled a stronger global recovery in recent months.

“And confidence is a super-precious good that builds over time and can be destroyed very quickly,” Lagarde said. “If the perception of investors around the world is that this is uncertain, and you never know where the tariffs are going to go, how high, how low, against whom... then you step back and you don’t invest, you wait and that confidence impact could be significant.”

The tariffs are due to start in 15 days and initially exempt Canada and Mexico.

S. Korea, Japan: consider taking US steel tariffs to WTO

S. Korea’s trade minister said on Friday that the country would actively consider filing a complaint to the World Trade Organization (WTO) over US steel tariffs, but would continue to ask for its steel exports to be exempted from the tariffs.

The United States’ decision to impose tariffs on steel and aluminum was “regrettable” and will likely have a “big impact” on economic ties between Japan and the United States, Japanese Foreign Minister Taro Kono said in a statement on Friday.

Kono said the decision would also impact the global economy, adding that Japan would respond appropriately upon examining any impact on Japanese companies and WTO rules.

Workers are seen at the Port Kembla steelworks in Wollongong, Australia, November 27, 2017. /Reuters Photo

Japan steel industry concerned about wider impact of US tariffs

Japan’s steel industry body said on Friday it is concerned that US tariffs on steel will seriously harm Japan’s steel exports, as well as the global steel trade, and could lead to retaliatory and protectionist actions by other countries.

“Maintaining the principle of free trade is vital for sustainable economic growth and the principal should be fully respected,” Kosei Shindo, chairman of the Japan Iron and Steel Federation, said in a statement.

Japan’s steel industry will study the impact of the tariffs, and would continue to advocate for the adoption of policies based on the principle of free trade, he added.

Source(s): Reuters ,Xinhua News Agency