On the 10th local time, US President Trump announced a 25% tariff increase on all imported steel and aluminum products. Reuters said this is "another major upgrade" of his adjustment to US trade policy. This round of steel tariff actions is believed to affect some of the United States' largest trading partners and allies. The largest steel - importing countries for the US are Canada, Brazil, and Mexico. Canada is the largest supplier of primary aluminum to the US. In addition, the US is also one of the most important export markets for steel from South Korea and the European Union. The US allies have urgently responded, emphasizing the importance of their exported products to the US "key industries" or in terms of "job creation". On the 10th, Luis de Guindos, Vice - President of the European Central Bank, said that the policies of the new US government "obviously create a huge uncertainty", and the implementation of steel tariffs will trigger a "supply shock" and "fundamentally" affect the growth of the global economy. Trump also previewed on the 9th that he would announce "reciprocal tariffs" this week. In recent days, leaders and officials of EU countries have said they are ready to take action to deal with possible trade restrictions. Regarding the US government's plan to impose a 25% steel tariff on all steel and aluminum products imported into the US, Chinese Foreign Ministry Spokesperson Guo Jiakun emphasized on the 10th that protectionism leads nowhere, and there are no winners in trade or tariff wars.
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China's Counter - measures Against the US Take Effect
On the 10th, the entry into force of China's additional tariffs on some imported products from the US attracted widespread attention from foreign media. After the US government's decision to impose a 10% tariff on all Chinese products imported into the US took effect on the 4th of this month, China announced counter - measures, including a 15% tariff increase on coal and liquefied natural gas, and a 10% tariff increase on crude oil, agricultural machinery, large - displacement vehicles, and pickup trucks.
The Financial Times said on the 10th that China's additional tariffs on the US cover goods worth about $14 billion. Compared with the US's "comprehensive measures", China's measures are seen as creating room for negotiation to avoid widespread trade conflicts. The Wall Street Journal analyzed that China's response so far shows that it intends to both demonstrate its strength and mitigate the significant impact on the Chinese economy. Cutler, Deputy Director of the Asia Society Policy Institute in the US, said that Beijing's counter - measures "show how well - prepared they are". NBC quoted Moody's analyst Cruise as saying that China's measures are a "warning" to the US.
At a regular press conference on the 10th, Chinese Foreign Ministry Spokesperson Guo Jiakun emphasized that there are no winners in trade or tariff wars, and the interests of the people of both countries are damaged. What is needed now is not to unilaterally impose steel tariffs, but to conduct dialogue and consultation on an equal footing and with mutual respect. "We urge the US side to correct its wrong practices and stop politicizing and instrumentalizing economic and trade issues."
"On the day when the tariffs on the US took effect, the China Council for the Promotion of International Trade led Chinese enterprises to sign new orders in Kazakhstan." The Singaporean Lianhe Zaobao quoted Chinese media reports on the 10th as saying that the China Council for the Promotion of International Trade led more than 30 domestic enterprises to Kazakhstan on that day to organize the signing of cooperation intentions between the two sides' enterprises. These enterprises are involved in industries such as mineral energy, petrochemicals, and machinery manufacturing. Next, the China Council for the Promotion of International Trade will also lead Chinese enterprises to explore diversified markets in regions such as the Middle East, Central Asia, Europe, and Africa.
