US President Donald Trump and Malcolm Turnbull resolve tariff crisis

This time, China can fight back against tariffs

This time, China can fight back against tariffs

Trump cited national security concerns as his reason for imposing a 25 percent tax on USA steel imports and a 10 percent tax on aluminum imports, saying that imports are "killing" the US steel and aluminum industries and a nation that wants to defend itself must have a viable metals sector capable of supplying weapons manufacturers. It is time to work out more radical measures to defend the interests of domestic industries and workers.

"That was significant and we were glad to see that", she said.

It is not too much to say that no other country would suffer more from US tariffs than South Korea, which is too dependent on exports for economic growth. But E.U. leaders, most of whom are also North Atlantic Treaty Organisation allies, say the argument is illegitimate because even during crisis they could still be expected to be reliable sources of the materials. On the basis of that meeting, Seko said they were considering jointly filing a WTO suit against a third country's measures distorting trade.

In Brussels, the officials also held a trilateral meeting. Trump did say he expected both Canada and Mexico to take action to prevent other countries from sneaking steel into the U.S.by sending them to Canada or Mexico first.

"A lot of steel mills are now opening up because of what I did", he said.

"The President was able to confirm that he would not impose tariffs on Australian steel and aluminium and, of course, now the legal paperwork - the proclamation process under the executive order - will take its course to put that direction into effect".

The United States opened the way for more exemptions from its steel and aluminium tariffs yesterday, after pressure from allies and intense lobbying from lawmakers, further diluting the measures just a day after they were formally announced.

Adding new elements to the negotiations to create wiggle room on big decisions was a Trump tactic familiar to David Bozell, a supporter of the president.

There's no indication from the American President that he'll stop at simply raising the metal bar.

Trump had praised Australia during his Cabinet meeting on Thursday.

United Steelworkers President Leo Gerard had voiced opposition to tariffs on Canada, whose steel and aluminum industries are fully integrated with those of the United States and where workers are represented by the Pittsburgh-based union.

Earlier on Thursday, without being prompted, Mr Trump praised Australia in a strong sign Australia would not be hit by the tariffs.

Brussels has gone the furthest in fighting back against Washington's shock measures, loudly announcing a list of U.S. products to hit with countermeasures if its exports are affected by the tariffs.

Discounting that contribution to United States trade ignores a significant part of what makes the USA economy tick.

Meanwhile, German Deputy Economy Minister Matthias Machnig also warned against premature reactions to Mr Trump's threat to impose a 25% tariff on auto imports.

During a joint White House news conference with visiting Swedish Prime Minister Stefan Lofven, the European Union has been particularly tough on the U.S.

Trump also agreed in a phone call with Argentine President Mauricio Macri to consider Argentina's request for an exemption, the Argentine government said.

Any Japanese response, he said, would be in line with World Trade Organization rules: "If there is a violation, then we will seek consultations", Seko said. It is aimed at protecting US steel and aluminum producers and workers in the name of national security.

Higher costs for imported steel and aluminum would be felt in states like Missouri, Louisiana, Connecticut and Maryland, where those products account for more than 5 percent of imports, according to the report.

Allies from the European Union to Australia and Japan have said they'll seek exemptions and dismissed the national security concerns that the US invoked to justify the tariffs.

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