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10 March, 2018 00:00 00 AM
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China opposition to steel tarrif

Move draws consternation outside the US

China's Commerce Ministry said it "firmly opposes" the move but gave no indication if Beijing might make good on threats to retaliate.

"These measures could make a significant impact on the economic and cooperative relationship between Japan and the U.S., who are allies," Taro Kono, Japan's foreign minister, said in a statement.

The head of EUROFER, Europe's main steel federation, said Trump's reasons for slapping tariffs on steel and aluminum were an absurdity and that the move could cost tens of thousands of jobs across the continent.

In both Asia and Europe steel producers worry over the loss of market access and also that steel from other exporting nations will flood in.

EUROFER chief Axel Eggert said "the loss of exports to the U.S., combined with an expected massive import surge in the EU could cost tens of thousands of jobs in the EU steel industry and related sectors." Trump has complained over low-cost Chinese exports of steel and aluminum, but the latest move was likely to hit Japan and South Korea harder.

The United States bought just 1.1 percent of China's steel exports last year compared with 12 percent for South Korea and 5 percent for Japan, according to the U.S. International Trade Commission.

"Significant damage in South Korea's steel exports to the United States seems unavoidable," South Korean trade minister Paik Un-gyu said in a statement.

 

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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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