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Last Updated Tuesday August 21 2018 07:57 PM IST

Trump's import duty plan on steel & aluminum can hurt economy, warns IMF

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Trump's import duty plan on steel & aluminum can hurt economy, warns IMF Trump said that he would impose a 25 per cent import tariff on steel and 10 per cent on aluminum to protect US producers.

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

Trump on Thursday said that he would impose a 25 per cent import tariff on steel and 10 per cent on aluminum 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 aluminum and steel, International Monetary Fund 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 per cent on steel and 10 percent on aluminum - 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.

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

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