According to the Wall Street Journal (blog, Weibo), last weekend, the EU opened the first shot of the US steel and aluminum tariffs. The European Union launched a challenge through the World Trade Organization (WTO) and vowed to impose tariffs on US exports. This shows that the EU will launch a counter-attack against US President Trump on trade issues.
Brussels said Washington’s move was “pure†protectionism. By filing a complaint with the WTO, the EU challenged the United States to implement Trump's taxation initiatives on the grounds of national security. It is rare for the two transatlantic alliances to occur.
The report said that the EU stressed that Europe is eager to disagree with the US.
According to a report on the German TV 2 website on June 1, the United States began to impose punitive tariffs on imported steel and aluminum from the European Union, Mexico and Canada from June 1. According to the list that the EU has submitted to the WTO, the EU will impose retaliatory tariffs on US whisky, peanut butter, motorcycles, jeans and tobacco.
According to a report by Kyodo News on June 1, Japan’s Finance Minister Taro Aso said that the United States’ tariff on steel and aluminum was “extremely regrettable†and that Tokyo could challenge the WTO on this matter.
When asked what action Japan would take at the WTO's tax increase policy for the United States, Aso told reporters: "There has not been a decision yet, but we are considering it."
This issue is a key issue discussed at the G7 Finance Ministers and Central Bank Governors meeting in Whistler, Canada.
The three-day conference brought together financial officials from the UK, Canada, France, Germany, Italy, Japan, the US and the European Union.
On the second day of the talks, Aso said that six member states including the United States and the European Union have expressed their opposition to the US steel and aluminum tariffs.
Aso said: "The unilateral protectionist initiative is not good for any country."
French Economy Minister Lemer said that the United States was isolated in trade discussions. Reuters quoted him as saying that the G7 evolved into a "6+1 group."
According to the report of Japan’s Asahi Shimbun on June 2, the Trump administration of the United States decided on June 1 to start to impose tariffs on steel and aluminum products in the EU, Canada and Mexico. The EU quickly set about preparing to report the United States to the WTO. Canada and Mexico also intend to impose retaliatory tariffs on the United States. The post-war international trade system has suffered a profound crisis.
According to the report, at the meeting of the G7 finance ministers and central bank governors who opened on May 31, related matters became the main issue, but it is not easy to establish a new trade order.
The report believes that the unilateral measures introduced by the US government will also cause a serious blow to the WTO system.
Beauty will pay a heavy price
According to the "Nihon Keizai Shimbun" reported on June 2, the trade friction provoked by the Trump administration in the United States is expanding to the whole world. However, it is estimated that about 470,000 people will be unemployed in the United States because of retaliatory tariffs and other factors. American protectionism will cost itself a heavy price.
There are also concerns in the United States about the side effects of trade protectionism. Steel that has been subject to tariffs has accounted for more than 70% of steel imports. Although this has limited impact on the real economy, the internal documents prepared by the American Chamber of Commerce estimate that if the EU and other retaliatory measures are taken, it may cause 470,000 Americans to lose their jobs.
Japanese media believe that for the United States, the friction with the allies Japan and the EU is also not conducive to negotiations with China. US Commerce Secretary Ross went to China on June 2 to participate in a new round of US-China trade consultation. The US government announced in late May that it would impose sanctions tariffs on China’s infringement of intellectual property rights, and China insisted on counterattack.
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