Trump may think that trade wars are „good and easy to win“ but the rest of the world disagrees, and judging by the barrage of reactions overnight from China to Europe, is rather furious ahead of Trump’s import tariff order.
Trump may think that trade wars are „good and easy to win“ but the rest of the world, which just happens to have a record trade surplus with the US (excluding petroleum)…
… disagrees, and judging by the barrage of reactions overnight from manufacturers and trade partners from China to Europe, is rather furious ahead of Trump’s import tariff order, expected to be signed next week.
Start with China, the world’s largest steel producer however only the 11th largest US source of imported steel…
… where the official response was generally muted.
Foreign Ministry spokeswoman Hua Chunying merely said in Beijing Friday that China urges the U. S. to follow trade rules. China’s Ministry of Commerce added that US restrictions on steel trade hurt the global trade system, and that Chinese steel exports to the US do not „harm US security.“
Chinese industry insiders, however, were far less restrained. The U. S. measures „overturn the international trade order,“ Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, said in a statement. “Other countries, including China, will take relevant retaliatory measures.”
Also in China, the vice chairman of China Iron and Steel Association, Li Xinchuang, called the move „a stupid trade protection measure.“
Ultimately, the big question is whether, and how, China would retaliate: MOFCOM made it clear that it is considering just that when it cautioned that China „may take measures to protect its own interests.“
Nations closer to the US, including strategic American allies, responded with bafflement and dismay seeing their industries threatened. Some also panned the idea that metals imports pose a threat to national security.
“Steel and aluminum imports from Japan, which is an ally, do not affect U. S. national security at all,” Japan’s Trade Minister Hiroshige Seko told reporters in Tokyo Friday. “I would like to convey that to the U. S. when I have an opportunity.”
Canada, which is the biggest foreign supplier of steel to the U. S. was furious: Ottawa said the US measures were unacceptable.
Australian Trade Minister Steve Ciobo called the move “disappointing” and said his country is seeking an exemption.
The Netherlands was especially vocal, and said it was „very disappointed“ that the U. S. has announced trade measures against steel and aluminum against it and said it finds the reasoning behind the announced U. S. measures “invalid.” The Netherlands also said it “fully” supports the European Commission in defending the economic interests of the European Union and the member states
The French finance Minister Bruno Le Maire echoed the sentiment, warning Europe will retaliate with a firm joint response if the Trump administration goes ahead with its tariff plans.
