(Nathan Vanderklippe – Canadian Press)
The U.S. plan to slap punitive new tariffs on steel and aluminum amounts to a “stupid trade protection measure,: one of China’s largest industry groups said Friday, as the world’s second-largest economy confronted looming new barriers to its product across the Pacific.
China makes roughly half the world’s aluminum and steel, and is a large exporter of both.
U.S. President Donald Trump on Thursday pledged 25-per-cent tariffs on imports of steel and 10 per cent on aluminum, an act that stoked trade war fears and hurt markets across the globe. The Nikkei 500 and Hong Kong’s Hang Seng Index both dropped 1.6 per cent Friday. Markets in Shenzhen and Shanghai also retreated, and analysts issued dark warnings about the consequences of hurting global trade sensitivities, and the revenge Beijing can take.
But China’s vast metals complex reacted largely with a shrug to Mr. Trump’s pledge to exact punishment for industrial overcapacity. Click here to read more.
- How Trump’s Tariffs on Steel Imports Could Affect People and Companies (AP)
- Asia May Face Steel, Aluminum Glut With Trump’s Tariff Plan (Reuters)