U.S. restrictions on imports of steel and aluminum hurt others

U.S. President Trump said on the 1st that concrete measures will be introduced next week to impose 25% tariff on imported steel, 10% on imported aluminum products, and the tariff will remain “for a long time”. The latest government-sponsored trade protection initiative has sparked many opposition.

The International Monetary Fund said on the 2nd that the measures proposed by the U.S. president to restrict the import of steel and aluminum products will not only hurt other economies but also harm U.S. economic interests.

IMF spokesman Gerry Rice said in a statement the same day that the U.S. restrictions on the import of steel and aluminum products would hurt U.S. industries such as manufacturing and construction industries that use steel and aluminum in large quantities and eventually damage the U.S. economy . Rice said the U.S. move may also lead other countries to follow suit and adopt comprehensive import restrictions on the basis of national security.

Azevedo, director general of the World Trade Organization, expressed concern over the U.S. plan to impose tariffs on imported steel and aluminum products on the 2nd. From the initial responses of other parties to this plan, we can see that the risk of escalation already exists.

On the 2nd, Canada’s Prime Minister Justin Trudeau said that he “will absolutely not accept” the U.S. government imposing tariffs on imported steel and aluminum products and warned that the U.S. move will seriously affect the relations between the two countries. In 2017, Canada was the largest importer of steel and aluminum in the United States, with 16% of U.S. imports coming from Canada.

U.S. President Trump said on the 1st that concrete measures will be introduced next week to impose 25% tariff on imported steel, 10% on imported aluminum products, and the tariff will remain “for a long time”. The latest government-sponsored trade protection initiative has sparked many opposition.

The International Monetary Fund said on the 2nd that the measures proposed by the U.S. president to restrict the import of steel and aluminum products will not only hurt other economies but also harm U.S. economic interests.

IMF spokesman Gerry Rice said in a statement the same day that the U.S. restrictions on the import of steel and aluminum products would hurt U.S. industries such as manufacturing and construction industries that use steel and aluminum in large quantities and eventually damage the U.S. economy . Rice said the U.S. move may also lead other countries to follow suit and adopt comprehensive import restrictions on the basis of national security.

Azevedo, director general of the World Trade Organization, expressed concern over the U.S. plan to impose tariffs on imported steel and aluminum products on the 2nd. From the initial responses of other parties to this plan, we can see that the risk of escalation already exists.

On the 2nd, Canada’s Prime Minister Justin Trudeau said that he “will absolutely not accept” the U.S. government imposing tariffs on imported steel and aluminum products and warned that the U.S. move will seriously affect the relations between the two countries. In 2017, Canada was the largest importer of steel and aluminum in the United States, with 16% of U.S. imports coming from Canada.

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Post time: Mar-05-2018
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