Trump's new tariffs rattle close U.S. allies
Arirang News
2018-06-01
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트럼프, 중국 이어 EU•캐나다•멕시코 등 동맹국에도 관세 폭탄,… 무역전쟁의 서막?
The Trump administration continues to have up and down relations with its biggest trading partner, China, but now it's taken things one major step further,... slapping duties even on America's closest allies.
The U.S. and the world could be on the brink of a full-blown global trade war.
Won Jung-hwan has the latest.
It looks like the U.S. will soon have a trade war on its hands.
Commerce Secretary Wilbur Ross says a 25-pecent tariff on steel imports and a ten-percent tariff on aluminum will be imposed on the EU, Canada and Mexico starting at midnight, Friday, Eastern Standard Time.
Mexico condemned the move immediately, vowing to retaliate with tariffs on 3 billion U.S. dollars worth of U.S. imports,… including agricultural goods such as corn.
But Ross is saying he's not too worried.
" Well even if the EU does retaliate and even if some others do, it still will remain unlikely to be as much as one percent on our economy."
Canada and several European countries have responded angrily.
The President of the European Commission, Jean-Claude Junker, called the U.S. move unjustified and said the EU had no choice but to hit back with tariffs on three-point-three billion dollars' worth of U.S. goods and file a case at the World Trade Organization.
An expert says the rationale for the tarrifs is based on issues in North America.
"Most direct reason for this particular increase in tariffs on Canada, Mexico and EU seems to be NAFTA negotiation is not going in the direction United States wanted,... and in addition, America has mid-term election coming up in November and the Republicans seems to be falling behind so policy towards protectionism maybe design to appeal to people who voted for Trump in the past."
The tariff announcement has sent a chill through financial markets around the world.
But the expert says South Korea's economy won't be affected much.
"As long as the trade war is limited to steel and aluminum retaliation, for just two industries,.. Korea should be able to weather this particular phase of the trade war without too much problem."
Europe, along with Canada and Mexico, had been granted a temporary waiver back in March.
But Thursday's decision raises concerns that President Trump could further expand the tariffs to other industries and other allies, including South Korea.
Won Jung-hwan, Arirang News.
The Trump administration continues to have up and down relations with its biggest trading partner, China, but now it's taken things one major step further,... slapping duties even on America's closest allies.
The U.S. and the world could be on the brink of a full-blown global trade war.
Won Jung-hwan has the latest.
It looks like the U.S. will soon have a trade war on its hands.
Commerce Secretary Wilbur Ross says a 25-pecent tariff on steel imports and a ten-percent tariff on aluminum will be imposed on the EU, Canada and Mexico starting at midnight, Friday, Eastern Standard Time.
Mexico condemned the move immediately, vowing to retaliate with tariffs on 3 billion U.S. dollars worth of U.S. imports,… including agricultural goods such as corn.
But Ross is saying he's not too worried.
" Well even if the EU does retaliate and even if some others do, it still will remain unlikely to be as much as one percent on our economy."
Canada and several European countries have responded angrily.
The President of the European Commission, Jean-Claude Junker, called the U.S. move unjustified and said the EU had no choice but to hit back with tariffs on three-point-three billion dollars' worth of U.S. goods and file a case at the World Trade Organization.
An expert says the rationale for the tarrifs is based on issues in North America.
"Most direct reason for this particular increase in tariffs on Canada, Mexico and EU seems to be NAFTA negotiation is not going in the direction United States wanted,... and in addition, America has mid-term election coming up in November and the Republicans seems to be falling behind so policy towards protectionism maybe design to appeal to people who voted for Trump in the past."
The tariff announcement has sent a chill through financial markets around the world.
But the expert says South Korea's economy won't be affected much.
"As long as the trade war is limited to steel and aluminum retaliation, for just two industries,.. Korea should be able to weather this particular phase of the trade war without too much problem."
Europe, along with Canada and Mexico, had been granted a temporary waiver back in March.
But Thursday's decision raises concerns that President Trump could further expand the tariffs to other industries and other allies, including South Korea.
Won Jung-hwan, Arirang News.
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