STORE

The Latest: Hong Kong ‘regrets and disapproves’ US tariffs

Donald Trump, Mike Pence
The Associated Press

BRUSSELS (AP) — The Latest on the international reaction to President Donald Trump’s plan to impose tariffs on imports of steel and aluminum (all times local):

11:25 a.m.

Hong Kong, which has a busy port handling shipments moving between mainland China and the U.S., said it “regrets and disapproves” of the decision to impose tariffs.

In a statement, the city’s Commerce and Economic Development Bureau said it will study “in detail the tariff proclamations.”

It added that Hong Kong filed a formal representation with the U.S. on Feb. 27 opposing tariffs, which it would continue to pursue with “justified arguments and strong grounds to minimize the impact on our industry.”

Earlier this week, Hong Kong’s representative to the World Trade Organization, Irene Young, told the body that the tariffs were “profoundly disturbing” and could lead to a global trade war if other WTO nations retaliate with their own trade restrictions.

___

11 a.m.

A lobby group for Germany industry has slammed U.S. President Donald Trump’s plan to raise tariffs on foreign-made steel and aluminum.

The Federation of German Industries says the proposed new import taxes would be an “affront” that risked a world-wide trade war “that can only have losers” and will harm the United States too.

In a statement, the group urged the European Union to “keep a cool head” and respond to the U.S. through established World Trade Organization rules.

It said a new wave of protectionism would have quick repercussions for Germany, the world’s leading export nation, noting that a quarter of jobs in the country depend on trade.

___

9:45 a.m.

Europe’s main steel federation has dismissed President Donald Trump’s reasons for slapping tariffs on steel and aluminum and is warning that the move could cost tens of thousands of jobs across the continent.

EUROFER chief Axel Eggert said “the national security justification the president has used — and the linking of these tariffs to NATO funding — is an absurdity.”

The European Union exported about 5.5 million tons of steel to the U.S. last year. European steel producers are concerned about a loss of market access but also that steel from elsewhere will flood in.

Eggert said “the loss of exports to the U.S., combined with an expected massive import surge in the EU could cost tens of thousands of jobs in the EU steel industry and related sectors.”

.