(UTV|COLOMBO) – The main trading partners of the US have reacted angrily after President Donald Trump announced plans to impose tariffs on steel and aluminium imports.
Canada and the EU said they would bring forward their own countermeasures to the steep new tarrifs.
Mexico, China and Brazil have also said they are weighing up retaliatory steps.
Mr Trump tweeted that the US had been “decimated by unfair trade and bad policy”. He said steel imports would face a 25% tariff and aluminium 10%.
However, critics argue that the tariffs would fail to protect American jobs and would ultimately put up prices for consumers.
The news sent shares in Asia down on Friday, with Japan’s benchmark Nikkei 225 losing more than 2% by mid-morning.
Shares in Japan’s car-making giant Toyota were down more than 2% and Nippon Steel stocks down more than 4%.
Toyota said the US decision would “adversely impact automakers, the automotive supplier community and consumers”.
Courtesy: BBC
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