Although Trump's recent measure is unlikely to deal a heavy blow to Chinese steel and aluminum producers, the country's Minister of Commerce Zhong Shan warned that a potential trade war between China and the USA would be disastrous not only for Beijing and Washington, but the rest of the world.
Financial stocks.SPSY fell 1.3 percent, tracking a decline in USA bond yields.
Once again, Donald Trump is not playing by the "international rules".
But Navarro said the USA can impose the tariffs in a way that can be good for the American people and good for the global trading system.
Republican lawmakers lobbied Commerce Secretary Wilbur Ross for those rebates in a letter on Wednesday, the Journal said, adding that Commerce officials briefed congressional aides on the exclusions process earlier this week.
The tariffs will affect a wide range of products, including high-tech gadgets, food, furniture and beverages.
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Trump on Monday blocked Singapore-based Broadcom's proposed $117billion acquisition of chip maker Qualcomm, citing national-security concerns believed to involve the Asian company's ties to a Chinese telecommunications company.
No-one polled said the tariffs would help the global economy.
Even if China were to double its imports of agricultural products from America, the largest export market for the USA in the world, the deficit would remain unsolved. Additionally, the president criticized several European countries of engaging in unfair trade deals with the U.S. Many Democrats and Republicans over the years have rightly expressed concern that while the United States follows worldwide trade laws other nations do not, instead subsidizing their own industries heavily to distort the world market. For some, the simplest move may be to source USA -manufactured materials instead of imported metals.
"I don't think.anybody on Wall Street will oppose cracking down on China's theft of our intellectual property", Navarro said.
It sent shockwaves across the world not only because of the losses to metal exporters, but due to what it could well signify: the start of a global trade war causing economic disruption in many countries, and that may also damage if not destroy the multilateral trade system. "Canada trade issues, and Canadians pushed back against some of the US policy in those areas", said Vassili Serebriakov, a foreign-exchange strategist at Credit Agricole. "We dont comment on internal meetings, but no final decisions have been made on content or timing", said a White House official.
But the real target of the steel and aluminum tariffs is China.
In response to the tariffs, the European Union has drawn up a list of USA products worth €2.8billion (£2.4billion).
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While that is not a lot for the economy as a whole, it would be painful for the individual industry. Fracking technology has made the United States the world's top producer of oil and natural gas, and the renewable energy sector has now dramatically grown through cost reductions of solar panels and wind turbines.
Planned retaliation from the European Union over President Trump's metal tariffs would hit a wide range of industries and impact many parts of the country, including NY, according to a draft obtained by the Daily News. The last thing the United States needs is a policy that undermines efforts to work together with other countries to achieve a common goal.
Large technology shares also fell.
Whether when President George W. Bush implemented his own steel tariffs in 2002 to disaster and quick repeal or the 1930 Smoot-Hawley Tariff having possibly deepened the Great Depression, the economic damage from tariffs has almost always proved far greater than the hoped-for gains.
Steel and aluminum that the USA imports "rather contributes to the industry and employment in America".
In Beijing, Chinese foreign ministry spokesman Lu Kang said Sino-U.S. trade relations should not be a zero-sum game, and that the two countries should use "constructive" means to manage tension.
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