Published: Mon, March 12, 2018
Entertaiment | By Minnie Bishop

Steel stocks down following Trump's decision to slap tariffs on imports

Steel stocks down following Trump's decision to slap tariffs on imports

European Commissioner for Trade Cecilia Malmstrom, center, U.S. Trade Representative Robert E. Lighthizer, left, and Japanese Trade Minister Hiroshige Seko arrive for a meeting at the European Commission headquarters in Brussels on Saturday.

European Union, Japanese and US trade officials confer at EU headquarters in Brussels, March 10, 2018.

South Korean steel stocks ended lower last week after the United States chose to impose a 25 percent tariff on imported steel products, as growing downside exerted pressure on steelmakers, analysts said Sunday.

Germany and other USA allies in Europe have said they will seek exemptions, given their longstanding alliance with the United States through North Atlantic Treaty Organisation.

In Sydney, Prime Minister Malcolm Turnbull said there is no case for imposing tariffs on Australian steel.

Mr Trump signed the measures on Thursday in a ceremony at the White House attended by steel and aluminium workers.

Then came Donald Trump, the first president in more than 80 years to oppose the expansion of trade.

Both Germany and France backed the European Union position, with German government spokesman Georg Streiter telling reporters in Berlin that "The exact nature of the (EU) steps will be decided after a close analysis of the American measures", according to Reuters. "No immediate clarity on the exact USA procedure for exemption however, so discussions will continue next week".

Minister of Economy, Trade and Industry Hiroshige Seko speaks during a February 20, 2018 House of Representatives Budget Committee meeting.

"We will urge the worldwide community to refrain from adopting measures that inhibit free trade", said the minister, Paik Un-gyu, according to a ministry statement.

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United Nations spokesman Stephane Dujarric told reporters Friday that Gutteres "reiterates his support for all efforts towards peaceful denuclearization of the Korean Peninsula".

The U.S. Commerce Department is due to release regulations for the tariffs within 10 days.

Even if Britain wins an opt-out, it is unclear whether the exemption would apply while the United Kingdom remains an European Union member. On Friday, he appeared to add Australia to the list.

Trump tweets that Turnbull is committed to having a fair and reciprocal military and trade relationship with the USA, its ally.

The United States bought just 1.1% of China's steel exports a year ago compared with 12% for South Korea and 5% for Japan, according to the US International Trade Commission. Trump wrote on Twitter.

Under WTO rules, such countermeasures have to be in place within 90 days of the U.S. tariffs entering force. Also discussing opening up Japan to much better trade with the U.S. now have a massive $100 Billion Trade Deficit.

On North Korea, Turnbull said he agreed with Trump that there must be no relenting on the economic pressure that brought North Korea to the negotiating table.

New Mexico's congressional delegation is anxious about President Donald Trump's decision to hike tariffs on steel and aluminum.

Mr Ciobo said that "we are in choppy waters" in terms of the global trade environment. "Now we have a different approach".

Last year, China imported 3.2 million tons of U.S. coal, worth about $420 million and almost five times the amount it took in 2016.

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