China says USA tariffs 'a serious attack' on global trade system

US President Donald Trump officially implemented the measures on Thursday, leaning on a little-used and decades-old national security clause in US trade law.

Trump announced last week that he would soon impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports.

The departure of Cohn, seen as a bulwark against Trump's economic nationalism, clears the way for greater influence by trade hard-liners like Peter Navarro, Trump's trade policy adviser, and Commerce Secretary Wilbur Ross. A South Korean special envoy arrived in Washington on Thursday bringing a message to the Trump Administration from North Korean leader Kim Jong-un and, on Tuesday, North Korea offered to put denuclearisation on the table if talks are held with the United States and its security was guaranteed.

Trump declared during the White House ceremony.

Its industrial expansion created massive overcapacity in the steel sector and surging exports, which forced some producers to export to markets such as the United States, weighed on global steel prices, and hurt US steelmakers.

Envoy Chung Eui-yong, head of Seoul s National Security Office, will travel to China and Russian Federation following his Washington trip. " a wanton attack on the multilateral trade system represented by the WTO and will surely have a grave impact on the normal global trade order", Wang said.

"Higher tariffs will increase costs for Hyundai and Kia putting them at a disadvantage compared with their rivals in the United States", a senior South Korean trade ministry official told reporters in a background briefing.

He was speaking after the European Union executive met to discuss a list of €2.8 billion ($3.5 billion) worth of USA products - from bourbon to Harley Davidson motorbikes - on which Europe could apply a 25-percent tariff if Trump goes ahead. The tariffs, which will go into effect in 15 days, exempt Canada and Mexico for now, with the possibility of other states to be exempted as well.

The South Korean official said the tariffs would impact the renegotiation of the bilateral free trade deal with the United States that is now underway.

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"We are willing to work with the Chinese side to develop our relations based on commonalities, while dealing with differences on the basis of mutual respect and sensitivity to each other's interests, concerns and aspirations", Kumar said.

More than 100 Republican House members are urging Trump to reconsider the tariffs, warning of unintended negative consequences to American workers and the national economy.

Global stock markets fell sharply Friday over worries of a possible trade war following Trump's announcement.

Trump's administration has faced growing opposition to the tariffs from prominent congressional Republicans and business officials anxious about their potential impact on the economy. China only exports 0.1 percent of its overall output to the United States. It was the most explicit threat yet from the country in the escalating trade row.

"I'll have a right to drop out countries or add countries", he said. "History has reminded us time and again that whenever tensions subsided on the peninsula the situation would be clouded by various interferences", he said.

The rise in aluminium shipments suggested winter production cuts by Beijing to battle air pollution had not been as deep as expected, analysts said, depressing local prices and leaving producers with excess supplies to sell offshore.

"If you think about it, a trade war will also hit the USA economy". The renegotiated pact signed in Chile's capital was also renamed the Comprehensive and Progressive Trans-Pacific Partnership, or CPTPP.

Chilean Foreign Minister Heraldo Munoz called the agreement a "strong signal against protectionist pressures".

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