Steel tariffs will save industry

Lebanese businesspeople come to support of Turkish lira

President Donald Trump said on Wednesday his tariffs on foreign steel are saving the USA industry and he predicted that in the future American steelmakers will mostly face domestic competition, the Wall Street Journal reported.

China has filed a complaint at the World Trade Organisation (WTO) against the US' 30% safeguard tariffs on solar imports as well as its renewable energy subsidies, claiming that they distort the global PV market - a move which comes as part of wider trade battle between the two global powers.

Washington announced in January that it was imposing what it called safeguard tariffs over four years a 30 percent tariff in the first year which would be reduced gradually to 15 percent in the fourth year.


"As the USA measures severely damaged Chinese trade interests, China's choice to resort to the WTO dispute settlement mechanism is a necessary move to safeguard its legitimate rights and interests and multilateral trade rules", a spokesperson with the ministry said.

The move is not expected to have an immediate impact on China's major solar manufacturers, including GCL, Jinko Solar and Canadian Solar, as their exposure to USA markets was reduced after earlier trade disputes.

He told the Journal the 25 per cent tariffs on steel will rescue an industry important to U.S. national security. While some steelmakers have expanded US production in the wake of the tariffs, other USA manufacturers remain heavily dependent on imported metals.

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