European Union steel imports rise ahead of Trump tariffs, threaten jobs - Eurofer

Report Trump Poised to Hit China With $60 Billion in Annual Tariffs

25 percent on steel and 10 percent on aluminum - he exempted Mexico and Canada, at least temporarily, and said other nations could negotiate with the White House to get out of paying duties on tens of billions of dollars' worth of imports.

But China's premier, Li Keqiang, said the issue should be solved through dialogue and negotiation. "There are real concerns about Chinese behavior on intellectual property, for example, but there are much more effective ways to address them".

The United States runs a hefty trade deficit with China of $375 billion, caused largely by its savings deficit and rising budget deficit.

On Friday, Trump is expected to announce his plan to levee a $60 billion annual tariff on a wide range of Chinese products.

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The Department of Commerce Department has outlined a process that would allow individual American businesses to apply for an exclusion from the tariffs on imported steel and aluminum recently enacted by the Trump administration. The U.S. imports about triple that amount each from Japan, South Korea and Germany - also countries with military agreements with the U.S.

"A large trade deficit is not something we want to see", he said.

"We're waiting for an indication of the procedure for us to make our proposal", said Sergio Amaral, Brazil's ambassador to the United States. And he also vowed stronger protection for foreign companies' intellectual property. "We hope this important means to balance China-U.S. trade will not be missed because that would be missing the good opportunity for making more money".

"Trade wars have a history of not ending well".

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In the letter, the trade groups argue that the steep tariffs would "trigger a chain reaction fo negative consequences for the US economy, provoking retaliation; stifling USA agriculture, goods, and services exports;and raising costs for businesses and consumers".

"While China will surely respond, we continue to expect its response to be relatively restrained and our baseline scenario implies modest economic damage", Kuijs, a former International Monetary Fund economist, wrote in a report Tuesday.

"With its economy so integrated into the global economy, closing its own door will only block China's way", he said. "But after years of bilateral negotiations with only incremental progress, the USA seems to feel it is left with few options", said AmCham China chairman William Zarit.

Eurofer estimates up to 13 million tonnes of steel that would have gone to the United States could be redirected due to Trump's tariffs, and says most of it could head to European Union markets.

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