Life&Culture

G-20 Tensions Simmer Over US Tariff Plan on Steel

G-20 Tensions Simmer Over US Tariff Plan on Steel

When Trump launched the Section 232 steel probe in April, he said it had "nothing to do with China".

World leaders reached a compromise on trade at the Group of 20 summit as officials agreed to fight protectionism while tacitly recognizing U.S. President Donald Trump's concerns about excess steel capacity and what he says are unfair trade practices.

Supporters of using the Section 232 provision argue that reliance on steel imports leaves the USA defense sector vulnerable to foreign countries. "Will get done!" The G 20 Summit was a great success for the U.S. - Explained that the U.S. must fix the many bad trade deals it has made.

"The premise of that report we will use as an opportunity to talk with many of our trading partners around the world about what's going on in steel", Cohn told the publication.

Earlier this week, Abe and representatives of the European Union signed a political agreement for a trade deal that will cover more than a quarter of global economic output.

The EU is the world's second largest steel producer after China.

"Should the US introduce tariffs on European steel imports, Europe is ready to react immediately and adequately", European Commission President Jean-Claude Juncker told reporters Friday ahead of the two-day summit of leaders from major industrial and emerging-market nations.

The European Union is considering retaliatory tariffs against the USA if President Donald Trump follows through on his plan to impose restrictions on the imports of steel, according to a new report from Shawn Donnan at the Financial Times. So much for China working with us - but we had to give it a try!

"There is no doubt that this entire line of trade remedy actions regarding national security matters is going to be an issue", said Jacob Kirkegaard, a senior fellow with the Peterson Institute for International Economics.

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The tariffs could very well provoke a global trade war.

As the Friday start of the Group of 20 economic summit in Hamburg approaches, the Trump administration represents one of the chief sources of uncertainty in global trade. "It also remains to be seen what the American president brings (to the meeting)".

So despite some compromises, the USA still has a mechanism to declare a trade war over steel at any time.

"The EU is a traditional and reliable steel supplier of the U.S., the EU member states concerned are North Atlantic Treaty Organisation partners of the U.S. There is therefore no justification for targeting any steel supplies from the EU", Eurofer said.

Several of those exporters-Canada, Turkey, and Germany-are members of the North Atlantic Treaty Organization (NATO) and as such the Trump administration may have to show that their strategic partners in the military alliance are somehow threatening US national security interests.

French President Emmanuel Macron challenged Trump's view that the U.S.is losing out on trade, the official said.

"We are going to see probably more private conversations about the Section 232 process under way in the USA", said Joshua Meltzer, a senior fellow at the Brookings Institution in Washington.

His counterparts are bracing for fresh surprises after Trump stunned the world by pulling out of the 2015 Paris climate pact, questioned long-standing North Atlantic Treaty Organisation allegiances and dismissed free trade principles.


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