17.1 C
New Delhi
Sunday 15 December 2019
India IMF slams Trump's import duty plan on steel and...

IMF slams Trump’s import duty plan on steel and aluminum

The tariffs -- 25% on steel and 10% on aluminium -- cover two materials that are the lifeline of the construction and manufacturing sectors in the US

Washington: The IMF has warned that the plans of US President Donald Trump to impose heavy tariffs on the import of steel and aluminium would cause damage not only outside the US but also impact the American economy.

Trump on Thursday said that he would impose a 25% import tariff on steel and 10% on aluminium to protect US producers.

The import restrictions announced by the US president are likely to cause damage not only outside the US but also to the US economy itself, including to its manufacturing and construction sectors, which are major users of aluminium and steel, IMF spokesman Gerry Rice said, a day after Trump made an announcement in this regard.

IMF, he said, is concerned that the measures proposed by the US will, de facto, expand the circumstances where countries use the national-security rationale to justify broad-based import restrictions.

We encourage the US and its trading partners to work constructively together to reduce trade barriers and to resolve trade disagreements without resort to such emergency measures, Rice said.

The tariffs — 25% on steel and 10% on aluminium — cover two materials that are the lifeline of the construction and manufacturing sectors in the US.

The announcement angered key US allies — Canada, the EU, Australia, Mexico and China.

European Commission chief Jean-Claude Juncker vowed the bloc “will react firmly” to defend its interests.

Canada and Germany both termed the tariffs “unacceptable”.

Trump has defended his decision, saying “trade wars are good”.

He tweeted that the US was “losing billions of dollars on trade” and would find a trade war “easy to win”.

In a tweet early on Friday, Trump said the US would “win big” in a trade war.

He later followed this up with further tweets, saying the US must “protect our country and our workers” and that the trade deficit left him with no choice on tariffs.

PTI

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply

Opinion

Justice That Is Instant Is Travesty

But neither the state nor society can wash their hands off this social craving for settling scores in the name of doing justice to the victim

Karnataka Voters Punished INC, JDS Leaders

Even the BJP was not confident of the result even as their leaders kept saying for public consumption they were winning all the 15 seats

The United States Of The World

The United States, stereotyped as the land of plenty and plentiful guns, is still a destination of choice for people from across the world

प्याज़ के आँसू न रोएँ — महंगाई से किसान, उपभोक्ता दोनों को फ़ायदा

जिस अल्प मुद्रास्फीति की वजह से वे सरकार से बहुत खुश थे, उसी 1.38 प्रतिशत की खाद्यान्न मुद्रास्फीति के कारण किसानों को अपने पैदावार के लिए समुचित मूल्य नहीं मिल रहे थे

CAB Can Correct Wrongs Of NRC

… if the government can fix the inept bureaucracy and explain what happens to those marked as aliens, as the neighbours are not taking them back
- Advertisement -

Elsewhere

Gurdwara discards 30 kg of cooked dal, realising it was ‘plastic’

The historic Gurudwara Bangla Sahib realised again the next day that the lentils were fake but got alerted before the dal was cooked

Prashant Kishor to campaign for AAP in Delhi election

Prashant Kishor has been successful as an election strategist in most campaigns: BJP at Centre 2014, JDU in Bihar 2015, INC in Punjab 2017

Service sector picks pace; trade deficit reduces

Service exports stood at $ 17.70 billion in October, registering a growth of 5.25%; trade deficit declined from $ 17.58 billion in 2018 to $ 12.12 billion

Sabarimala verdict review: SC snubs Fathima, Bindu

Ignoring the court decision to refer the Sabarimala review pleas to a 7-judge bench, the petitioners tried to get an order to enter the shrine immediately

Andhra Cabinet okays Disha Bill that dictates judiciary

While ordering the prosecution to complete its work in 14 days is permissible, Andhra Pradesh cannot set a time limit for the judiciary

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: