Japan Iron and Steel Federation Chairman Mr Koji Kakigi told a news conference that he is worried that an escalating trade spat between the United States and China would lead to a collapse of order in global trade. He told “Rising trade tensions between the two countries were a matter of great concern. If intensifying trade conflicts trigger further import duties, that may lead to a collapse of order in global trade at its core.’
Mr Kakigi, who is also president of JFE Steel, a unit of JFE Holdings Inc, added that it would be a serious problem if the World Trade Organization’s framework for trade was undermined.
However, Mr Kakigi, said that US import duties on steel that were imposed in March had not had any major impact on Japanese steel exports to the United States.
Source : REUTERS
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