Trump Threatens to Impose Reciprocal Tax on India, China

US Trade Representative Robert Lighthizer. USTR has threatened in the past to downgrade India to a ‘priority foreign country’ which could invite sanctions

The US president was expected to approve the 25% levy on steel and 10% on aluminium imports this week, possibly as early as Thursday.

While carrying a message to Washington to push forward a diplomatic breakthrough over North Korea, South Korea's national security office chief Chung Eui-yong requested USA officials to support South Korea's request for a waiver on the steel tariffs, a South Korean presidential spokesman said.

The amount is a drop in the bucket when compared with the record $375.2 billion trade deficit the us racked up with China past year.

The administration requested a $100 billion reduction in the trade deficit with China, The Wall Street Journal reported Thursday, citing people familiar with the matter.

U.S. President Donald Trump looked set on Wednesday to authorize steep tariffs on imported steel and aluminum this week as he stepped up pressure against China to develop a plan to reduce its trade imbalance with the United States by $1 billion.

Last week, Trump said "trade wars are good, and easy to win" when the U.S.is losing billions on trade. "We're going to be doing a reciprocal tax programme, " Trump said at a White House event where he simplified the tariff issue for his working class base.

China's Ministry of Commerce said the country would assess any damage caused by the USA move and "firmly defend its legitimate rights and interests".

Wide-ranging tariffs on goods made in China may also provoke a backlash from United States retailers such as Walmart and Target.

"China would have to make a justified and necessary response", he said.

More news: Commerce Minister Suresh Prabhu gets Civil Aviation as additional portfolio

For those who still believe the U.S. is willing to play a constructive role in the region, it is high time they awoke to the bitter truth that its intention is to fan the fires of discord and it does not intend to let those fires be extinguished by others.

Beijing has said it will work with other nations affected by Trump's tariff plans to protect its interests.

The U.S.is the world's biggest importer of steel, purchasing 35 million tonnes of raw material in 2017.

Chinese officials have echoed that sentiment, and Beijing has been studying curbs on United States products such as soybeans. "If you say there is competition between China and the USA, this should be positive competition and this is normal in worldwide relations". "The good news" is that Chinese President Xi Jinping and Trump have a "very good relationship and communicate regularly", said Mr Mnuchin.

"The Korean peninsula issue has finally taken an important step in the right direction", Wang told a press conference on the sidelines of annual parliamentary session.

Net exports contributed 9.1 percent of China's GDP growth a year ago.

But the "big one" and the issue that could do lasting damage was the extent to which the United States could undermine the World Trade Organisation (WTO) dispute resolution processes.

India's steel ministry said in a note to the trade ministry last month that USA import tariffs were expected to lead to a loss of $130 million in exports which were expected to total 333,656 tonnes for the year ending on March 31.

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