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Wednesday, February 28, 2024
HomeUncategorizedChina opposes US tariffs on steel, aluminium imports

China opposes US tariffs on steel, aluminium imports

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China and USChina on Friday expressed ‘opposition’ to the tariffs imposed by the United States on the imports of steel and aluminium, saying the move will undermine normal international trade order, reported the Xinhua.

The statement from Beijing came after United States President Donald Trump signed a proclamation that imposes new tariffs on steel and aluminium imports, claiming the revised tariff plans have been introduced to stop “assault on our country”.

Trump on Thursday said he had to act to stop the “decimation of entire communities” and insisted there would be a very fair process as the administration would use the next 15-day to negotiate exemptions with allies, including neighbours Canada and Mexico.

The new order will see a 25 percent tariff on imports of steel and a 10 percent tariff on aluminium. This might potentially have huge implications on the international trade front, with many experts predicting it will adversely affect oil prices.

The move, which garnered a lot of criticism from China and Europe, has not gone down well with Trump’s party members as over 100 Republican House members signed a letter expressing concerns about the damage the tariffs may do to trade and the companies that use cheap steel and aluminium imports in the US.

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