Here it discovered. Video and audio podcast and language course. D. W. Media center after media center dot dot com. Staying true to his word it trumps signs off on metal tyrants sparking fears of a tit for tat spat leading to an all out global trade war the e. U. Says it should be exempt from the left. Also coming up going it alone the u. S. May have pulled out of the Trans Pacific partnership but other countries have gone ahead and signed it anyway creating a massive new free trade center. This is your Business Update on how the humphrey glad you could join me well the u. S. President follow through on his threats pushing forward with tariffs on imports of steel and on a menu of between ten and twenty five percent trump says the penalties and needed to address what he calls unfair trade and to boost the u. S. Economy u. S. Business leaders and prominent members of his own Republican Party have warned his administration is courting Economic Disaster with the move with the stroke of a pen donald trump shook up International Trade. The president signed the healthy new tariffs into law flanked by Metal Workers he said he was stopping what he called an assault on the u. S. Today im defending Americas National security by placing cherubs on foreign imports of steel and aluminum. The levees will take effect in two weeks but Steel Industry executives in south korea set up a crisis meeting right after trump signed them now korea is threatening to bring its case to the deputy oh. Were actively considering filing a complaint with the world trade organization. Weve already discussed the issue with the European Trade Commission and. Other countries including japan and australia are trying to placate the u. S. They are praising washington for sparing canada and mexico from the tariffs on steel and aluminum and theyre hoping for more exceptions trumps executive order makes it possible for other countries to deal directly with the u. S. To remove tariffs. We will closely investigate the details of these measures and potential impact on Japanese Industries we would like japan to be exempted from this. When. China has sharply criticized the tariffs the trade ministry in beijing has called on washington to drop them but its announced retaliatory measures tariffs on American Liquor tobacco and other products. The International Monetary fund warns that this constant breezing of the stakes could lead to a trade war. While the European Trade Commission acedia madam shlaim also reacted to the u. S. To her own steel and other medium taking to twitter this is what she said on tonights announcement the e. U. Is a close ally of the u. S. And we continue to be if the e. U. Should be excluded from these measures it will seek more clarity on this issue in the days to come looking forward to meeting with the u. S. Trade representative ties in brussels on saturday to discuss. So are they you clearly concerned that the economic fallout could potentially be very large lets take a look at why the levies are not going down well with american trade experts nor the countrys allies when American Steel makers enjoy about one hundred forty thousand people but steel consuming manufacture is so Companies Using that steel and much bigger they employ six point five Million People instead now the new tariffs mean much bigger produces will suffer for the benefit of relatively small Steel Industry so the protective tariffs may be a shot at chinas overcapacity but its americas biggest allies that could end up taking most of the flack just take a look at this canada is the biggest exporter of steel city United States followed all not least by the European Union brazil when it comes to china its their number eleven and the impact on allies will certainly be big because europes Steel Association youre very fast says that could slash american imports of european steel which was valued at five billion dollars last year so if that does happen the likes of big industrials which working german car makers could be the first victims and steel tariffs will hit partners but of global trade war thats what were talking about as the night scenario so lets speak to add value chain and now hes professor of International Economics at the Constance University good to have you with us today professor at yale chines so the e. U. Trade representative is looking for a way to see the e. U. Exempted from these tariffs is that realistic in your view. Well your numbers killers show this situation this terrorist will hit particularly those countries who acts for steel but that will also have hurt the u. S. Economy in the mid term and im very pessimistic that there will be an exemption for the European Union that the situation is challenging but its also helpful you know to step back a bit this movement is not just a transpacific movement i see it as a frustration of the u. S. How the allies of the u. S. Have to approach the liberal trade rules the u. S. Propagated it deposits a bigger story which we should focus on now why should gemini be punished for its prowess in exports its long had a strong export economy. Yeah this is a good question you know President Trump explicitly mentioned ultimo defenders just to give you in some numbers tariffs on imports that you in the car industry a significantly higher than tires in the Automotive Industry in the u. S. The germans can much export cars much cheaper to the u. S. And why source and the reason for that is the u. S. Tried to liberalize the world by opening its market over the last fifty years under the shelter of the wu and this came to on hold in the late ninetys and you do you know still try to go ahead particularly with the European Union for example with fifty eight but germany in particular was very reluctant there was this movement against to tip and this has created a lot of frustration in the u. S. Not only with the Trump Administration also with the Obama Administration in this context i see this this increase in protective status that there is a frustration there is in russia now why the u. S. Is disappointed and the European Union again has to be very clear that the u. A. E. You is will to go aside with the u. S. To liberalize the world and create a level Playing Field where you say that there has been a frustration for a long time including under the Obama Administration and those more hidden trade barriers for example what would be a solution then in your view. So i would be reluctant in using this trade for but at the same time its not very important you know the justification of donald trump like with the security reason its highly problematic and at the same Time Offering any country a bilateral exemption is aiming at destabilizing the multilateral trading system or simply a state stated that both trade organization so its very important that the European Union reacts with the bee to reach retaliating measures but sticking to the w two zero rules and also bringing all the important countries like korea like japan to act unanimously together within the rules based framework but more importantly linking back to this frustration argument the e. U. Should again strengthen the transatlantic economic relations its very important the world is looking for stabilizing signals we are in an increasingly uncertain situation and the u. S. And e. U. Have been very successful as long as they were called bringing so we need cooperative signals from both sides also from the e. U. All right ed and professor of International Economics at the constantine of a city thanks for your insights thank you. Well perhaps the new tariff shouldnt come as much of a surprise judging by one of Donald Trumps first actions in office he pulled the United States out of negotiations on the Transpacific Partnership or t. P. Pay but the other countries decided to go it alone and have now gone ahead and signed it anyway creating a massive new free trade saying it was a deal that many thought dead in the water after donald trump withdrew the in ited states but now that agreement is reality and the chilean host called it a bowl or against protectionism. This is ambitious modern treaty with a vision towards the future creatively incorporates new themes of International Trade said that the benefits of globalization can reach everyone japan initially said t p p would be meaningless without the u. S. But tokyo quickly became the prime mover in reviving the ambitious deal which these tariffs lowered or eliminated on a wide range of goods. Store. Prescreened. Whos a train to first century. We. Are. Too many. To experience its busiest in three to four. Of. The c p t p ps eleven signatories have a combined population of half a billion people and account for nearly fourteen percent of Global Economic output even without the u. S. Its being touted as the biggest free trade area in the world but leaders stressed the door is still open and not just to washington the fact is because of the deal is now signed it is something to which the u. S. Could return at some point in the future and to which other countries can join you guys already expressed interest. In the irony is that washington joined the t. P. Pina goshi asians ten years ago hoping to rein in chinas growing influence in world trade now it could be helping to expand it. As a europe today with the latest from the world of business for more find us on Facebook Follow us on twitter at d w m disco business right now heres a look at the well. Known. To the to. The total. Cost of. A Football Game or something. From. The world cup game site in argentina all eyes are on morning and lino missing messiah. Will we see another classic jewel between germany and argentina. And missy clinch the title catching the moon in argentina oh. G. W. More intrigue on International Talk show for journalists to discuss the topic of the week and im going to medical is set to begin a full so im in office here in germany im told International Womens day we all sco strongest the worlds preeminent c. M. L. Politician so do join us on quadriga coming up shortly. Sixty minutes. This busy governor has come to life nobody but the right to our correspondent he is in central istanbul im joined by the helicopter did of his Political Correspondent on those stories in just a minute but first this news just in its all about the perspective closer d. W. News c s i. W true diversity. Where the world of science is at home in many languages. But a lot of programming go on there is a. Lot that our innovations magazine for in asia. Are trying every week and always looking to the future on t w dot com science and research for asia. Soon. I think. Everyones getting