3/22/2018

*GLOBAL TRADE GLANDS*


CHINA accuses Trump of damaging global trade.

BEIJING : China accused US President Donald Trump of damaging the global trading system by linking steel and aluminum tariffs, while-

Japan and South Korea expressed alarm at potential economic costs.

China's Commerce Minister said it ''firmly opposes'' Trump's move. It gave no indication whether Beijing might make good on threats to retaliate.

Asian Stock rose on relief that Trump's measures were not more severe. Traders were also encouraged by news Trump might meet North Korean leader Kim Jong-un.

South Korean trade minister, speaking at an emergency meeting, appealed to to other governments to prevent a trade war.''

''We will urge the international community to refrain from adopting measures that inhibit free trade,'' said the minister Paik Un-gyu, according to a ministry statement.

Trump said the tariff hikes had ordered Thursday were ordered to protect to protect US national security by ensuring the survival of country's metal producers.

''These measures could make a significant impact on the economic and cooperative relationship between Japan and the US who are allies,'' Taro Kono Japan's foreign minister, said in a statement.

The new tariffs take effect in a few days, with Canada and Mexico indefinitely spared ''to see if we can make a deal,'' Trump said, referring to a possible negotiation  of the  North American Free Trade Agreement.

He suggested at a cabinet meeting that Australia and ''other countries, might be spared, a shift that could soften the blow amid threats of retaliation.

[Agencies]

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