China has accused Donald Trump of damaging the global trading system by hiking steel and aluminium tariffs, while Japan and South Korea expressed alarm at potential economic damage.
China’s Commerce Ministry said it “firmly opposes” the US president’s move but gave no indication whether Beijing might make good on threats to retaliate.
Asian stock markets rose in early trading on relief that Mr Trump’s measures were not more severe.
Traders also were encouraged by news Mr Trump might meet North Korean leader Kim Jong-un.
South Korea’s trade minister, speaking at an emergency meeting, appealed to other governments to prevent a “trade war”.
“We will urge the international community to refrain from adopting measures that inhibit free trade,” said the minister, Paik Un-gyu, according to a ministry statement.
Mr Trump said the tariff hikes ordered on Thursday were needed to protect US national security by ensuring the survival of the country’s metals producers.
“These measures could make a significant impact on the economic and cooperative relationship between Japan and the US, who are allies,” said Taro Kono, Japan’s trade minister, in a statement.
The new tariffs take effect in 15 days, with Canada and Mexico indefinitely spared “to see if we can make the deal,” Mr Trump said, referring to a possible renegotiation of the North American Free Trade Agreement.
He suggested at a Cabinet meeting that Australia and “other countries” might be spared, a shift that could soften the blow amid threats of retaliation.
“Presidential Proclamation on Adjusting Imports of Aluminum into the United States”
Proclamation: https://t.co/aCaMtOUAl0Remarks: https://t.co/nypErcqFSU pic.twitter.com/rcrkpvChkz
— Donald J. Trump (@realDonaldTrump) March 8, 2018
Mr Trump has complained about low-cost Chinese exports of steel and aluminium, but the latest move was likely to hit Japan and South Korea harder.
The United States bought just 1.1% of China’s steel exports last year compared with 12% for South Korea and 5% for Japan, according to the US International Trade Commission.
“Significant damage in South Korea’s steel exports to the United States seems unavoidable,” said Mr Paik’s statement.
Australia’s trade minister said he had preliminary discussions with the US trade representative, Robert Lighthizer.
The minister, Steve Ciobo, expressed hope of “finalising a positive outcome in the next two weeks”.
The Chinese Commerce Ministry criticised Mr Trump for taking unilateral action instead of working through the World Trade Organisation.
“The misuse of the ‘national security exception’ clause by the United States is wanton destruction of the multilateral trade system represented by the WTO (World Trade Organisation) and will surely have a serious impact on the normal international trade order. China firmly opposes it,” said Commerce Ministry official Wang Hejun in a statement.
“Presidential Proclamation on Adjusting Imports of Steel into the United States”
Proclamation: https://t.co/hxduwSoElzRemarks: https://t.co/nypErcqFSU pic.twitter.com/q92FDYZeUl
— Donald J. Trump (@realDonaldTrump) March 8, 2018
Beijing said it was ready to retaliate in the event Chinese companies are hurt, but Friday’s statement gave no indication of official action.
“The US pursues trade protectionism,” said the China Iron & Steel Association, an industry group, in a statement.
“This move will harm the global steel industry, and seriously hurt consumers’ interests,” said the statement. It said the United States “will injure others and harm itself.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here