As announced earlier, US President Donald Trump has levied 25 percent tax on steel imports and 10 percent for aluminium imports. 'Strong steel and aluminium industries are vital to US National Security. You don't have a country if you don't have steel. US suffered due to unfair foreign trade practices for decades. That's gonna stop now,' he declared.
Trump's latest move came as a bitter pill to the nations such as China, Japan, South Korea and Others. While Japan warned high taxation could affect bilateral ties, China opposed the decision straightaway and South Korea decided to lodge a complaint with World Trade Organization.
The most affected would be China which produces half of World's steel. Steel and Aluminium Shares fell drastically in the Chinese market on Friday. Similar trend could be observed in Japan and South Korea.
Experts warn Trade War begun by Donald Trump is going to make all the nations unhappy. Several Countries have been now planning to retaliate against US.
Trump's latest move came as a bitter pill to the nations such as China, Japan, South Korea and Others. While Japan warned high taxation could affect bilateral ties, China opposed the decision straightaway and South Korea decided to lodge a complaint with World Trade Organization.
The most affected would be China which produces half of World's steel. Steel and Aluminium Shares fell drastically in the Chinese market on Friday. Similar trend could be observed in Japan and South Korea.
Experts warn Trade War begun by Donald Trump is going to make all the nations unhappy. Several Countries have been now planning to retaliate against US.