Asian nations reacted sharply over U.S. steel, aluminum tariffs

Vastavam web: Major Asian nations reacted sharply to U.S. President Donald Trump’s decision to impose tariffs on steel and aluminum imports on Friday, warning of damage to relations amid industry calls for retaliation.Japan said the move would have a “big impact” on the countries’ close bilateral ties, while China said it was “resolutely opposed” to the decision and South Korea said it may file a complaint to the World Trade Organization.

Trump on Thursday pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminum on Thursday, though he announced exemptions for Canada and Mexico, and said exceptions could also be made for other allies.China, which produces half the world’s steel, will assess any damage caused by the U.S. move and “firmly defend its legitimate rights and interests,” the country’s Ministry of Commerce said.

Trade tensions between China and United States have risen since Trump took office. 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.China’s steel and metals associations urged the government to retaliate against the United States, citing imports ranging from stainless steel to coal, agricultural products and electronics.