European Union commissioner: We will stand up to 'trade war' bullies

European Union commissioner: We will stand up to 'trade war' bullies

European Union commissioner: We will stand up to 'trade war' bullies

Australia fortunately will be exempt from the steel and aluminium tariffs of 25% and 10% respectively imposed by US President Donald Trump after he announced it on Twitter on March 9.

Here in farm country, these tariffs will sting.

"Our trade relationship, as the president acknowledges, is a fair and reciprocal one", Turnbull said. "The global economy is on the same page for the first time in over a decade".

And without a clear-cut exemption process, the move aimed primarily at punishing China now risks leaving US allies from Japan to the European Union caught in the crossfire. The lack of details about when or how individual countries could apply for waivers has only compounded the uncertainty surrounding the economic impact of the tariffs.

Over the weekend, Mr Trump argued that the USA has been abused economically by the European Union, saying they were "wonderful countries who treat the United States very badly on trade".

The ACC has asked Trump to reconsider the tariffs because they will drive up the cost of building chemical plants in the U.S.

Trump's announcement to set a 25 percent duty on imported steel and 10 percent on aluminum has startled the US' closest European allies; the dispute got more heated after threats to tax German cars if the EU doesn't lower barriers to the American import. "We need a trade policy that's comprehensive".

Treasury Secretary Steven Mnuchin earlier said he expects countries in addition to Mexico and Canada to be exempted in the next couple of weeks.

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He refused to directly criticise Mr Trump's much-maligned protectionist moves, however, saying he was "not going to lecture another country about what they do on trade". In a statement, Wang Hejun, a ministry official, warned that the tariffs "will surely have a serious impact on the normal worldwide order". History shows that nobody wins a trade war.

Globally, stock markets have also posted strong gains over the past year. When one side imposes new tariffs, the other side responds with tariffs of its own - often in completely different economic areas.

In themselves, these tariffs aren't that big a deal.

Tokyo and Brussels rejected any suggestion that their exports to the United States threatened the country's national security, while China's metal industry issued the country's most explicit threat yet in the row, urging the government to retaliate by targeting U.S. coal. "More than half of these investment projects are still in the planning stage, and market shifts caused by tariff increases may convince investors to do business elsewhere".

But it's not good news if it means a return to protectionism, and the United States is not a huge market for Australian steel compared to Asia. But they will hurt the far more numerous companies and consumers that buy steel and aluminum.

He said other countries could be spared the tariffs if they can convince the United States government that their steel and aluminium exports do not threaten American industry.

There's no clear connection between tires and chickens or steel and sorghum, except that the Chinese think that punishing American agriculture will capture the attention of US politicians and persuade them to change their policies.

Trump has always had a thing about trade, which he sees the way he sees everything: as a test of power and masculinity.

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