China ‘resolutely opposed’ Trump’s steel, aluminum trade tariffs

The United States’ decision to impose tariffs on steel as well as aluminium was “regrettable”, Japanese Foreign Minister Taro Kono said in a statement on Friday.

Japan also said on Friday in which Japan might continue to ask the United States to exempt in which through Washington’s plan to impose tariffs on imports of steel as well as aluminium.

Trade tensions between China as well as United States have risen since Trump took office. China accounts for only a smaller fraction of U.S. steel imports, however its massive industrial expansion has helped create a global glut of steel in which has driven down prices.

China’s steel as well as metals associations urged the government to retaliate against the United States, citing imports ranging through stainless steel to coal, agricultural products as well as electronics.

“The cost of a trade war will be tremendous as well as in which will make everyone unhappy,” Junichi Makino, chief economist at SMBC Nikko Securities in Tokyo, said in a report on Friday.

Trump’s declaration coincided with the signing by 11 countries of a fresh Trans-Pacific trade pact in which the United States withdrew through last year. South Korea as well as Australia both said they might seek exceptions.

The European Union, Brazil as well as Argentina said overnight they should not be targeted or might seek exemptions.

Shares in China’s steel as well as aluminium makers fell on Friday morning. Baoshan Iron & Steel was down around 3 percent, while Hesteel as well as Beijing Shougang were down less than 1 percent.

In South Korea, shares in Posco were down more than 2 percent, while in Tokyo, Japan’s biggest steelmaker Nippon Steel & Sumitomo Metal was up slightly.

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