Trade War Tensions Flare Up: Must-Watch ETFs & Stocks

Trade War Tensions Flare Up: Must-Watch ETFs & Stocks

Trade War Tensions Flare Up: Must-Watch ETFs & Stocks

Countries around the world are fighting back against President Donald Trump's decision to slap tariffs on steel and aluminum imports, announcing retaliatory countermeasures and warning that the US plan will hurt USA consumers.

Canada has already hit back, announcing retaliatory duties on American goods worth up to Can$16.6bn (USD$12.8 bn). But they did not sound optimistic.

The European Union (EU) on Friday requested consultations with the United States on its steel and aluminum tariffs, under the dispute settlement framework of the World Trade Organization (WTO), a WTO official said.

In the United States, tariffs - also called duties or levies - are collected by Customs and Border Protection agents at 328 ports of entry across the country.

"This doesn't happen that often at G7 meetings, but it was the US against everyone else", Aso told reporters.

The Trump administration is using the so-called Section 232 of the Trade Expansion Act from 1962, a decades-old law, to slap tariffs on imported steel and aluminum products on the ground of national security, which has drawn strong opposition from the domestic business community and USA trading partners.

Germany's Volkswagen, Europe's largest automaker, said no side would win a trade war.

U.S. Commerce Secretary Wilbur Ross arrived in Beijing on Saturday with an interagency team of U.S. officials for talks on long-term purchases of U.S. farm and energy commodities, just days after Washington renewed its threats to impose tariffs on Chinese goods.

Tariffs fell out of favour as global trade expanded after World War II. "Nothing", French President Emmanuel Macron said Wednesday.

President Donald Trump's chief economic adviser is brushing off concerns over escalating trade disputes with a host of USA allies as nothing but a "family quarrel". And the longer it takes President Trump to realize this, I would only have one thing to say to him: "you're fired".

Wang says he hopes a solution is found to the trade row. But they can increase costs more broadly for USA manufacturers that cannot source all their needs locally and have to import the materials.

Rising costs especially hurt consumers and companies that rely on imported components.

French Finance Minister Bruno Le Maire also expressed his anger at the meetings ended. He pledged that the European response would be "united and firm".

European officials had braced for the tariffs and the EU has threatened to retaliate against USA orange juice, peanut butter and other goods in return.

"It is undecided at this moment, but we are considering it", Aso told reporters when asked about the possibility of a WTO action against the USA levies which Washington claims are necessary for national security.

Chairing the meeting, host nation Canada's Finance Minister Bill Morneau allowed participants to register grievances with Mnuchin one at a time, according to a Canadian source. But President Donald Trump has dusted them off in recent months and restored tariffs to a prominent place in his America First approach to the rest of the world.

The US tariffs coincide with - and could complicate - the Trump administration's separate fight over Beijing's strong-arm tactics to overtake US technological supremacy. She said if there were no exemptions, "We will respond in an intelligent, decisive and joint way".

"China's door for negotiation remains open", said foreign ministry spokeswoman Hua Chunying on Friday.

A recent report says that the new closed trade policies could cost the USA economy $2 trillion by 2022. "It's not about who attacks whom, and then wait and see who is still standing at the end". "We are ready to rebuild this multilateralism with our American friends".

Malmstrom is meeting U.S. Trade Representative Robert Lighthizer in Paris on Thursday among other global trade chiefs.

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