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Trump mulls China sanctions, scrapping S. Korea trade deal
Context:
Recently, U.S. President Donald Trump has threatened retaliatory action against two major Asian trading partners.
What has happened?
- President Trump had recently received two Commerce Department reports concerning alleged Chinese subsidies for steel and aluminium exports-materials that are vital for industries from construction to autos
- Trump has accused China of decimating American steel, aluminium industries via subsidies
- He has warned of sanctions against China. He has threatened to impose fresh tariffs on imports from China
- Further, he has also vowed to revise or scrap a free trade deal with South Korea.
Implications:
Experts believe any U.S. sanctions would prompt China to respond with sanctions of its own, raising the spectre of a trade war between the world’s two largest economies.
