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3 March, 2018 00:00 00 AM
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Trump steel tariffs spark global anger

AFP

Major steel and aluminium producing nations yesterday condemned US President Donald Trump's plan to impose tariffs on the industry, as stock markets plunged on fears of an imminent tit-for-tat trade war, reports AFP from Beijing.

After weeks of rumour and counter-rumour about his administration's intentions, Trump on Thursday announced he would sign off on measures designed to protect US producers "next week".

The tariffs -- 25 percent on steel and 10 percent on aluminium -- cover two materials that are the lifeblood of the construction and manufacturing sectors.

The announcement was greeted with fury within key US trading allies such as Canada, the EU, Australia and Mexico, as well as rival China.

It also caused jitters across global stock markets.

The benchmark Dow Jones Industrial Average lost 1.7 percent on Thursday and Asian markets quickly followed suit, with Tokyo closing 2.5 percent down and Hong Kong falling 1.5 percent Yesterday.

China, which has been in Trump's crosshairs over its trade practices since his presidential campaign, urged the US to "exercise restraint in using trade protection tools and respect multilateral trade rules".

European Commission chief Jean-Claude Juncker said the EU "will react firmly" to defend its interests.

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

German Foreign Minister Sigmar Gabriel called on the EU to respond "with determination", terming the move from Washington "not at all acceptable" and urging Trump to rethink the announcement.

Canadian Trade Minister Francois-Philippe Champagne responded even more bluntly.

Australia Trade Minister Steve Ciobo said his biggest concern was now "retaliatory measures" by other major economies.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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