Trump Tariffs-Steel Industry story

Trump Tariffs-Steel Industry story

Chinese Commerce Minister Zhong Shan said that "there are no winners in a trade war" on Sunday, warning that a trade war between the USA and China will leave the global economy in ruins.

That's a long shot - Trump has railed against the USA trade deficit since entering the race for the presidency in 2015 - but we hope he will, as do many Oklahomans who will be impacted.

"We are continuing our discussions", Commerce Minister Zhong Shan said during a press conference held on the sidelines of the annual parliamentary session underway in Beijing.

When China said Google and Facebook could not operate in China, it was declaring a trade war, and moreover, also declaring an ideological war.

That may not reflect the current mood in Washington.

"We are very concerned about the actions taken by China and the dumping of steel and aluminium on the global market", Trudeau said.

Trump's administration has said the United States mistakenly supported China's membership in the World Trade Organization in 2001 on terms that have failed to force Beijing to open its economy. The bloc does impose a 10 percent levy on US auto imports, while the USA charges a 25 percent levy on trucks and pickups, and up to 40 percent on some clothes, she said.

US steel and aluminum producers - and their counterparts around the world - have been hammered by overproduction by China. "We have given them more money", he said.

"We have noticed that some foreign-funded businesses have complained about China's investment environment", Zhong said.

"China does not want a trade war, nor will it actively initiate a trade war".

Ross also has primary responsibility for overseeing a process under which companies can petition to exclude specific steel and aluminum products from the tariffs.

We urge the administration to reconsider this action and continue investigating the impact of steel and aluminum tariffs on the USA economy and steel-consuming sectors downstream.

At talks in Brussels, economy ministers underlined that the European Union supports free and open trade but that its 28 countries will respond if they are targeted by the United States tariffs, which are set to enter force next week.

China absorbed $136.3 billion in foreign investment previous year.

On Monday however, Australian Prime Minister Malcom Turnbull said the exemption did not rest on a new security agreement. China accounts for only a small fraction of U.S. steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.

Even if USA manufacturers increased their output of the two metals, it would add only 0.05 per cent to GDP, according to Guatieri.

The EU is also maintaining a threat of counter-measures that would target United States imports ranging from maize to motorcycles, and may publish its list next week to allow industry and other interested parties to give their input.