Gold Silver Reports – Trump Must Weigh Retaliation as Ross Proposes Steel Tariffs — The U.S. sounds confident thatproposed tariffs on steel and aluminum won’t break global trade rules, despite warnings from other countries that such a move could trigger a flurry of retaliation. It’s up to the president to decide if that’s a risk he’s willing to take.
The Commerce Department on Friday laid out a range of options for President Donald Trump to consider, including a tariff of at least 24 percent on steel imports from allcountries. In announcing the long-awaited proposals, Commerce Secretary Wilbur Ross acknowledged other nations may respond in kind.
“We believe, and ourcounsel believe, that this is a perfectly valid interpretation of national security,” Ross told reporters on a conference call. “As to whether there will be a challenge, it wouldn’t surprise us if there were. Anytime you dosomething that affects a number of countries, the likelihood is that they will bring a WTO action or take other measures.”
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China said the proposed tariffs are groundless and it reserves the right to retaliate if they areimposed. The U.S. recommendations aren’t consistent with the facts, Wang Hejun, chief of the trade remedy and investigation bureau at China’s Ministry of Commerce, saidin a statement on its website. “If the final decision impacts China’s interests, China will certainly take necessary measures to protect its own rights,” Wang said. – Goldman Neal Bhai Reports
