Canada and Mexico slap levies on American imports, including steel and farm products; EU also warns of action
The talks ended with China's Xinhua news agency describing them as "constructive, candid and efficient" but with disagreements that remain "relatively big."
A breakthrough deal to fundamentally change China's economic policies is viewed as highly unlikely during the two days of talks
Trump has proposed tariffs on up to $150 billion in Chinese imports as punishment for what his administration sees as widespread violations of U.S. intellectual property rights
Besides a possible trade war, a faster-than-expected tightening of US monetary policy will lead to capital outflows
US President Donald Trump's decision to hike duties on steel and aluminium could result in retaliatory action from EU and China, triggering a trade war and hurting global economic growth, S&P Global Ratings said today. It said the overall economic impact of the tariffs on the United States in the near term is likely to be minimal, with a mixed impact on corporate sectors. "Posing a greater threat is the risk of retaliatory action by major US trade partners such as the European Union (EU) and China triggering a trade war, hurting American exporters, global trade, and global economic growth," S&P said. The US had last week raised import duties on steel and aluminium products to 25 per cent and 10 per cent, respectively. According to trade experts, the decision is unlikely to impact exports of these items to America. However, they have expressed fear that such protectionist measures would impact global trade. In a report titled, 'Global Trade at a Crossroad: US Steel and ...
In early 2002, then-President George W Bush imposed steel tariffs of up to 30 percent on imports of steel in an effort to shore up domestic producers against low-cost imports
Mr Trump's desire to rejuvenate the US' industrial heartland is easily comprehensible, driven by the notion that globalisation has failed many parts of the mid-west
China has been accused of dumping cheap steel on global markets
Import duties likely to hit China; may not create domestic jobs