Withdraw tariffs or risk grave global effects: China tells US

Withdraw tariffs or risk grave global effects: China tells US

Withdraw tariffs or risk grave global effects: China tells US

President Donald Trump is expected to set tariffs of 25 percent on imported steel and 10 percent on imported aluminum this week.

Trump plans to impose tariffs on imports of steel and aluminum, including from China, and is said to be considering a broad range of curbs on China imports, from shoes and clothing to tech gadgets.

New Zealand International Business Forum executive director Stephen Jacobi said he did not want to dismiss those impacts but with just $39m of steel and $22m of aluminium exported to the USA the bigger risk was the damage that the USA could do to the framework of the global trade network. In a globalised world, choosing a trade war is the wrong prescription. "China would have to make a justified and necessary response", he added, hinting at possible Chinese retaliation. The bloc also fears steel exported to the United States from other countries could be redirected to Europe after tariffs come in.

The U.S., originally the biggest TPP economy, was one of the trade deal's strongest supporters before Trump took office.

Exports fell 1.3 percent to $200.9 billion in January, and imports were flat at $257.5 billion. USA stock futures (http://www.marketwatch.com/story/dow-set-for-300-point-drop-after-cohns-exit-2018-03-07) were trading sharply lower early Wednesday. "We are not afraid of a trade war", said Wen Xianjun, Vice Chairman of China's Nonferrous Metals Industry Association.

On Wednesday, China led a group of 18 members at the World Trade Organisation urging Trump to scrap the tariff plan, with its representative saying the levies would pose a systemic threat to the rules-based global trading system.

The comments follow those of China's foreign minister Wang Yi, who Thursday criticised the US's decision to brand the country as a "strategic competitor" and dismissed the notion that it poses a threat to the world's biggest economy. As far as 2018, in addition to aforementioned steel and aluminum taxes, Trump has announced tariff hikes to washing machines and solar panels that particularly affect Chinese exporters.

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China today presented an upbeat picture of its ties with India and said that both countries should shed suspicion and manage differences by meeting half way, toning down its tough posture against New Delhi after the tense Dokalam standoff.

China wants the speedy conclusion of another regional trade pact, the RCEP, in which Australia is also a negotiator.

The possibility of some countries being spared from the tariffs, which Trump's trade adviser Peter Navarro had previously insisted wouldn't happen, raises the question of what the administration is trying to achieve with the measures.

If renegotiations are completed, "there won't be any tariffs" on the two US neighbours, Trump said.

In his first tweet on Wednesday, the US president showed no sign of backing down, saying the United States had lost more than 55,000 factories and 6 million manufacturing jobs and let its trade deficit soar since the first Bush administration.

The metals associations urged the government to take "resolute measures" against US imports ranging from stainless steel to coal and electronics.

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