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Australian Trade Minister Steven Ciobo said Friday that President Trump plans to tax on imported steel and aluminum products, it will distort the global trade, causing losses to jobs, which highlights the major trading partners to take retaliatory measures of risk, Asian exporters are seeking more details of the plan.
Worries about the escalation of trade war on Friday particularly hit the share price of Asian steel producers and manufacturing companies that supply the US market. The US stock market is also struggling overnight.
Trump said that it will officially announce 25% and 10% tariffs on imported steel and aluminum next week. But White House officials later said some details still need to be finalized.
The imposition of such tariffs will distort trade, we think it will eventually lead to a decrease in employment, "Ciobo told reporters in Sydney.
"I still worry that as soon as this action comes out, we may see the retaliatory measures that the other major economies are preparing for. That's bad for anyone. "
Ciobo also said Australia has sought its tariff exemption of steel and aluminum exports to the United States.
Steel has become a key area of attention for Trump. Trump has promised to revive the American industry and punish what he sees as unfair trade operations, especially in China.

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