Trump's new tariff announcement may trigger global 'trade war'
Signs of a global trade war is breaking out as the Trump administration decided to slap hefty tariffs on steel and aluminum imports from countries including key allies like South Korea.
He's facing global criticism, with some countries saying they're considering imposing similar measures on Amercian products.
The predicament has led South Korea's steelmakers into a tough spot.
Lee Jeong-yeon has more.
The off-the-cuff announcement by U.S. President Donald Trump that he would impose heavy tariffs on all steel imports,... has already set off a ripple of responses from world leaders.
The EU, Canada, and China have said that if these tariffs are finalized, they will take reciprocal measures to impose taxes on American products.
There is evident tension between the U.S. and China, which is concerning for South Korea as it relies economically on both countries.
Beijing said it's ready to impose tariffs on American agricultural products, an apparent move targeting American farmers,... who are an important support base for President Trump.
As the second biggest market in the world, China has been the main target of the Trump administration's trade policies.
Meanwhile, the EU has said it would start looking to impose tariffs on American products like Harley Davidson motorcycles, bourbon whiskey and Levi's jeans.
Canada, the number one steel exporter to the U.S., has also said it's ready to take reciprocal action were tariffs to be imposed on its steel and aluminum products.
Responding to the fallout, the Washington Post has urged the Trump administration to make exceptions for certain U.S. allies. Its editorial board said Friday that there is no national security risk posed by importing steel and aluminum from treaty allies like Canada, Japan, South Korea and Germany, and that alienating those countries diplomatically would hurt U.S. interests.
The editors noted that Trump's announcement last Thursday isn't final yet, so there could still be changes. And the original proposal does allow for exceptions based on America's economic and security interests.
The Post's editors said the stability of the international system depends on the plan being changed.