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Trump Trade War - Seoul warns of impact on nuclear talks

22 March, 2018, 01:10 | Author: Priscilla Morrison
  • China import

It's a plan US companies say will mean pricier clothes, shoes and toys as well as other everyday products "made in China". Late Sunday night, Commerce Secretary Wilbur Ross announced procedures on how US -based importers or users of foreign steel and aluminum could apply for tariff waivers on specific products that may not be available domestically.

The Motor and Equipment Manufacturers Association, a trade group that includes the Heavy Duty Manufacturers Association, took issue with the fact that only individual companies and organizations may apply for the exclusions and is urging the Trump administration to allow trade associations to apply on behalf of members.

On Monday, she said she wants to work with the USA and other partners to address the "root cause" of the issue, according to the report.

The tariffs were strongly opposed by many groups in the US over fears of increased prices and the possibility of a trade war with other countries that could affect the prices and availability of other imports and exports.

A group of 24 large US retailers on Monday sent a letter to President Donald Trump asking him to rethink enacting tariffs on Chinese imports.

Edward Alden, a trade expert at the Council on Foreign Relations, said he doubts that many other countries will evade Trump's new taxes. Trump's tariff orders affect semifinished steel, such as ingots and slabs, and many kinds of finished steel products, including pipe and tubes, cold and flat rolls, bars and rods.

Need buying strategies for steel? China is the largest US trading partner, importing more than $460 billion annually.

Since taking office, Trump has taken a hard line on trade, tearing up a 14-nation Pacific trade pact, threatening to pull out of the North American Free Trade Agreement with Canada and Mexico and imposing hefty steel and aluminium tariffs.

Amaral, who has met with several members of the U.S. Congress to plead Brazil's case, said he is "confident" that ultimately the country will be spared the U.S. tariffs. She said that "The timing is bad, the measure is bad for the USA and Korea going together on the North Korean nuclear issue".

Lighthizer shared with European Union officials five general criteria for weighing exemption requests, including a country's level of cooperation with USA aims at the World Trade Organization, its willingness to keep its metals exports at 2017 levels and its handling of trade with China, according to a former US trade official familiar with the discussions.

"We are up for seeking an exemption".

"A large trade deficit is not something we want to see", he said. "Commerce knows how to do that, ' he said".



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