Trump's new tariff announcement may trigger global 'trade war'
- 6 years ago
A global trade war could be about to heat up after the Trump administration announced its plans to slap hefty tariffs on steel and aluminum imports, including those from key allies like South Korea.
Despite a wave of criticism from around the world, and with many countries considering similar measures on American products,... President Trump appears to be standing firm.
Lee Jeong-yeon has more.
The off-the-cuff announcement by U.S. President Donald Trump that he would impose heavy tariffs on all steel imports,... has already set off a ripple of responses from world leaders.
The EU, Canada, and China have said that if these tariffs are finalized, they will take reciprocal measures to impose taxes on American products.
There is evident tension between the U.S. and China. Beijing said it's ready to impose tariffs on American agricultural products, an apparent move targeting American farmers,... who are an important support base for President Trump.
As the second biggest market in the world, China has been the main target of the Trump administration's trade policies.
This is concerning for South Korea as trade with both the U.S. and China is vital for the Korean economy. The Seoul government expects further tariffs on cars and semi-conductors, as Trump sees the car industry as the sector in which South Korea saw the greatest trade surplus with the U.S..
To this, South Korean President Moon Jae-in said:
"We will deal with it with confidence... that we can overcome anything if the government and businesses cooperate."
Meanwhile, the EU has said it would start looking to impose tariffs on American products like Harley Davidson motorcycles, bourbon whiskey and Levi's jeans.
"Protectionism cannot be the answer to our common problem in the steel sector...We will not sit idly while our industry is hit with unfair measures that put thousands of EU jobs at risk."
Canada, the number one steel exporter to the U.S., has also said it's ready to take reciprocal action were tariffs to be imposed on its steel and aluminum products.
Responding to the fallout, the Washington Post has urged the Trump administration to make exceptions for certain U.S. allies. Its editorial board said Friday that there is no national security risk posed by importing steel and aluminum from treaty allies like Canada, Japan, South Korea and Germany, and that alienating those countries diplomatically would hurt U.S. interests.
Lee Jeong-yeon, Arirang News.
Despite a wave of criticism from around the world, and with many countries considering similar measures on American products,... President Trump appears to be standing firm.
Lee Jeong-yeon has more.
The off-the-cuff announcement by U.S. President Donald Trump that he would impose heavy tariffs on all steel imports,... has already set off a ripple of responses from world leaders.
The EU, Canada, and China have said that if these tariffs are finalized, they will take reciprocal measures to impose taxes on American products.
There is evident tension between the U.S. and China. Beijing said it's ready to impose tariffs on American agricultural products, an apparent move targeting American farmers,... who are an important support base for President Trump.
As the second biggest market in the world, China has been the main target of the Trump administration's trade policies.
This is concerning for South Korea as trade with both the U.S. and China is vital for the Korean economy. The Seoul government expects further tariffs on cars and semi-conductors, as Trump sees the car industry as the sector in which South Korea saw the greatest trade surplus with the U.S..
To this, South Korean President Moon Jae-in said:
"We will deal with it with confidence... that we can overcome anything if the government and businesses cooperate."
Meanwhile, the EU has said it would start looking to impose tariffs on American products like Harley Davidson motorcycles, bourbon whiskey and Levi's jeans.
"Protectionism cannot be the answer to our common problem in the steel sector...We will not sit idly while our industry is hit with unfair measures that put thousands of EU jobs at risk."
Canada, the number one steel exporter to the U.S., has also said it's ready to take reciprocal action were tariffs to be imposed on its steel and aluminum products.
Responding to the fallout, the Washington Post has urged the Trump administration to make exceptions for certain U.S. allies. Its editorial board said Friday that there is no national security risk posed by importing steel and aluminum from treaty allies like Canada, Japan, South Korea and Germany, and that alienating those countries diplomatically would hurt U.S. interests.
Lee Jeong-yeon, Arirang News.