Washington threatens emerging markets with punitive tariffs on steel and aluminium

MARK

(FILE) A file photo dated 23 June 2010 showing a man resting among steel wires at a steel wholesale market in Shenyang, China's Liaoning province. Reports on 08 September 2013 state China's exports grew by more than seven per cent in August in the latest sign that growth may be stabilizing after a slowdown in recent months. Exports rose 7.2 per cent to 190 billion dollars in August, from 5.1 per cent from July, according to customs data. Imports climbed to 162 billion dollars, up seven per cent, leaving a monthly trade surplus of 28 billion dollars, the General Administration of Customs reported. Bilateral trade with the United States rose 9.2 per cent year-on-year in August, while trade with the European Union increased by 3.2 per cent. Exports of electronics and machinery products accounted for 56 per cent of China's total exports in August, the report said.

Washington threatens emerging markets with punitive tariffs on steel and aluminium


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The US Department of Commerce is recommending to US President Donald Trump to impose a 24% tariff on steel and aluminum imports from China, Russia, Hong Kong, Vietnam, and Venezuela.

The US Commerce Secretary, Wilbur Ross, proposes the tariff as a means to addressing a global production glut. The measures will be designed to prevent sales via third countries.  Alternatively, Ross proposing the introduction of import quotas.

The measures are linked to US national security; President Donald Trump will consider the measures and should decide on trade policy by April.

The measure would undermine multilateral trade and could trigger a trade war among World Trade Organisation members. China’s Ministry of Commerce reacted on Saturday suggesting the possibility of retaliation.

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