USA may tie North Atlantic Treaty Organisation contributions to tariff exemptions

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Talks would continue next week. "We should prevent a trade war situation from excessive protectionism, in which the entire world harms each other", trade minister Paik Un-gyu told a meeting with steelmakers.

A Eurofer spokesman also warned that the US's punitive tariffs not only make market access more hard for European steel but could flood Europe with imports from other nations unable to get into the United States market, pushing prices down and endangering EU jobs.

"We call for calm-headed behavior", he told reporters.

"As long-standing security partners of the U.S., (the European Union and Japan) underlined to ambassador Lighthizer their expectation that European Union and Japanese exports to the United States would be exempted from the application of higher tariffs", an European Union statement said after the talks.

"He only explained the schedule and the procedures", he said.

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The World Trade Organization this week warned that Mr. Trump's trade war could lead the world into another recession. "We will look at the impact onJapanese businesses and make a final decision".

The Australian government's urgency rose after the USA president announced that he meant to enact the tariffs as a remedy to trade imbalances.

US President Donald Trump's announcement of duties of 25% on imported steel and 10% on aluminium has stung its major partners. Seko also said these exports had made key contributions to USA industries and jobs, the statement said without elaborating.

"History tells us they are bad, and they end up causing not just a contraction in global trade but, as a result of that, a contraction in global growth", he told ABC on Saturday.

But the Saturday meetings in Brussels, the capital of the European Union, appeared to be inconclusive. Mr. Trump, however, hopes to protect American manufacturers who have failed to keep up with global competition through the means of restrictive tariffs.

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But they appeared to win no quick concessions.

Turnbull told a news conference in South Australia state his discussions with Trump included the ongoing threats from North Korea after the USA president opened the possibility of talks with North Korean leader Kim Jong-un.

Treasury Secretary Steven Mnuchin says countries are already calling him to get out of President Trump's steel and aluminum tariffs.

Chinese Foreign Minister Wang Yi issued the stern message as the Trump administration geared up to formally introduce steel and aluminium tariffs as early as Thursday despite global concerns. "We have to chose whether we want rules-based trade. or whether we want the rule of force, the rule of the strongest, which we have now seen".

Europe's main steel federation said Trump's reasons for slapping tariffs on steel and aluminum are absurd and warned that the move could cost tens of thousands of jobs across the continent.

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