Fearing trade war, European Union warns of protectionism 'dead end'

EU, Japan push for tariff exemption

"Right now we are negotiating NAFTA with Canada and Mexico, so we are holding off the tariffs to see if we can make a deal on a new NAFTA treaty", he stated.

Brussels is also looking at "safeguard" measures to protect its industry - restricting the bloc's imports of steel and aluminium to stop foreign supplies flooding the European market, which is allowed under World Trade Organization rules.

"He is committed to having a very fair and reciprocal military and trade relationship", Trump said on Twitter, referring to Turnbull.

Asked to respond to Trump's accusations that the EU is imposing barriers to USA automakers, Malmstrom said that "it's hard to argue on Twitter over these issues, but the European Union is a very open market". "We win big. It's easy!" The president announced 25 percent tariffs on foreign steel and 10 percent tariffs on foreign aluminum.

With the world on the brink of the fiercest trade war in recent years, the tasks before South Korea are evident.

The decision to slap hefty tariffs on imports of steel and aluminum, which the White House made formal on Thursday, has roiled global markets, angered longtime trading partners and prompted threats from the president's own party to stop the tariffs through legislation. Former president George Bush imposed steel product tariffs in 2002, but withdrew them later, with little impact. It is said that putting up tariffs is like putting rocks in your own harbour and, ultimately, will hurt your own country's consumers, producers and workers. "FAIR!" Mr. Trump said in a tweet. Every other country will be required to negotiate a separate deal with U.S. Trade Representative Robert Lighthizer to avoid the duties, which are scheduled to take effect in less than two weeks.

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The Commission said it expected to be in contact with Washington over the metals tariffs this week, but that no formal talks had been scheduled.

"The process of negotiations for the modernization of NAFTA continue on course in an independent manner from this or any other measure of internal politics taken by the United States government", Mexico's Economy Ministry said in a statement after Trump's announcement.

Labor finance spokesman Jim Chalmers says steel destined for the United States from other countries will now be dumped below cost in Australia.

It also said Trump was "cherry-picking" particular tariffs to highlight differences, and maintained average tariffs were very similar on each side of the Atlantic - 3 percent for products into Europe and 2.4 percent into the United States.

"Thank you for confirming new tariffs won't have to be imposed on Australian steel & aluminum - good for jobs in Australia and in U.S.!" "We have a different relationship on matters of national security than the USA has with China". The E.U. has responded by threatening to increase tariffs on major US exports - namely Levi jeans, Jack Daniels whiskey and Harley-Davidson motorcycles.

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