Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit


Trump said in an early morning tweet.

US President Donald Trump meets other world leaders at Germany's G20 summit from Friday, with North Korea's first successful test of an intercontinental ballistic missile casting a long shadow over the gathering at the heavily-fortified venue.

"A number of EU countries may be affected by a US measure, certainly more than countries such as China for which steel exports to the USA have mostly been blocked by massive anti-dumping actions", the European Steel Association, known as Eurofer, said.

Policies that could fall under national security include China's new Cyber Security Act, which is under WTO scrutiny from Japan, South Korea, the United States and others; Ukraine's gas pipeline reforms; and Russia's trade restrictions on Ukraine.

President Donald Trump is considering a tariff of 20% on imports of steel and other goods, says Axios.

The "hits" include tariffs, duties and quotas on US imports, anti-dumping measures, and tax incentives for exporters that could hurt American companies. So much for China working with us - but we had to give it a try! His point was that it doesn't make sense to talk about bilateral trade deficits in a multilateral world, the official said.

As the Friday start of the Group of 20 economic summit in Hamburg approaches, the Trump administration represents one of the chief sources of uncertainty in global trade.

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According to a report from the International Trade Administration, China is not among the top 10 sources for United States imported steel.

"That hurts us, but it also hurts the Americans", he added.

The tariffs could very well provoke a global trade war.

The European Union has already promised to retaliate if it is hit by USA steel tariffs.

Several of those exporters-Canada, Turkey, and Germany-are members of the North Atlantic Treaty Organization (NATO) and as such the Trump administration may have to show that their strategic partners in the military alliance are somehow threatening USA national security interests.

The leaders agreed in the final statement of the G-20 leaders that they would "fight protectionism and all unfair trade practices and recognize the role of legitimate trade defense instruments in this regard".

The future Economic Partnership Agreement between the European Union and Japan "will be the model of the economical order of the 21st century", Abe told the other world leaders, according to Maruyama - Trump among them. "I think that there are some concerns about the systemic implications about going down that route for the worldwide trading system". Enacting Section 232 also may violate World Trade Organization rules.