Trump presses EU on trade barriers in tit-for-tat

Trump presses EU on trade barriers in tit-for-tat

Trump has said Canada and Mexico are exempt for now, and other countries could be spared if they can convince the administration their steel and aluminum exports don't threaten American jobs and industry.

On Friday, the country's leading steelmaker, POSCO, fell 3.63 percent to end at 345,000 won (US$322), with Hyundai Steel Co. was down 2.48 percent at 51,100 won and Dongkuk Steel Mill Co. backtracked 1.94 percent at 10,100 won.

There would be exemptions for North America Free Trade Agreement (Nafta) states Mexico and Canada, and Mr Trump said other countries may be able to negotiate to avoid the tariffs.

Trump said the tariffs, which will come into effect 15 days after he formally unveiled them Thursday, will not initially apply to Canada and Mexico.

China, a key target of USA trade concerns, said it was "resolutely opposed" to the US tariff decision, with Japan warning of the impact on bilateral ties.

Analysts say the Trump tariffs will continue to weigh on local steelmakers as they are heavily dependent on exports to countries such as the United States.

Many top Republicans disagree with the President's tariffs, including House Speaker Paul Ryan.

Any Japanese response, he said, would be in line with World Trade Organization rules: "If there is a violation, then we will seek consultations", Seko said.

Republican Senator Jeff Flake has already introduced legislation to nullify the tariffs. The tariffs "have nothing to do with the security of the United States", Mr Georg Streiter, a spokesman for German Chancellor Angela Merkel, said at a news briefing on Friday.

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However, he said "real friends" of the USA could win waivers from the measures, which come into force after 15 days.

"The proclamation will have a clause that does not impose these tariffs immediately on Canada and Mexico", Navarro said. While Trump highlighted the nations' military and trade relationships, Turnbull moved to clarify Trump's comment about a new "security agreement", saying the president was referring to the legal paperwork that would lock the exemption into place.

"I am pleased that the President has listened to those who share my concerns and included an exemption for some American allies, but it should go further", he said.

"China has been very clever at transshipping products through other countries and dislodging domestic demand in other countries, which causes their producers to dump on us", Mr Ross said. "We're not trying to blow up the world".

The Eurofer director-general's remarks came as European Union warned it would take matters into its own hands if Mr Trump did not include it as an ally and the bloc from the import tariff list.

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

Some European policymakers said they anxious the tariffs were part of a broader assault by the Trump administration on ties between Europe and Washington, which has been the backbone of the post-World War II Western order.

The new tariffs imposed by the U.

"The U.S. has been a leader in the multilateral system, the leader in the trade liberalization, and the U.S. played a most important role in writing all the rules that are governing the global market now". "It's going to give us an opportunity and one of the best guys in the administration, Ambassador Robert Lighthizer [the U.S. trade representative], to negotiate a great deal for this country, and if we get that, then all's good with Canada and Mexico".

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