The prospect of a trade war between China and the United States has increased after Beijing’s foreign minister said it would make a “necessary response” in the event of Donald Trump introducing punitive tariffs on steel and aluminium imports.
The US president was expected to approve the 25% levy on steel and 10% on aluminium imports this week, possibly as early as Thursday.
He says they are needed to counter overseas operators, especially from China, who are undercutting US companies and destroying American jobs.
The surprise announcement of the tariff plan last week caused stock markets to fall sharply as investors feared a trade war.
A possible 30-day exemption for Mexico and Canada and some other countries based on national security eased market fears during Asian trading on Thursday. The Nikkei in Japan, where steelmakers could be hard hit, was up 0.5% in afternoon trade. Stocks indexes in Australia, Hong Kong and Seoul were also in the black.
Source :- theguardian
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