Voluntary export restraints by Europe could hand Trump an apparent victory, while benefiting EU's steel producers
Trump administration officials have said that in lieu of tariffs, steel and aluminum exporting countries would have to agree to quotas designed to achieve similar protections for US producers
On Wednesday, China unveiled a list of 106 US goods including soybeans, whiskey, frozen beef and aircraft targeted for tariffs
Trump said in a statement the further tariffs were being considered "in light of China's unfair retaliation" against earlier US trade actions that included $50 billion of tariffs on Chinese goods
GM's partners in China include SAIC Motor Corp., while Ford has tied up with Changan Automobile Group and holds a stake in Jiangling Motors Corp
The tariffs are meant to address two problems: intellectual property theft by China and a steep and persistent trade deficit
China is America's biggest external creditor with $1.17 trn in Treasuries as of Jan, or 19% of all foreign holdings of US govt securities
US negotiators will use the threat of tariffs to persuade China to abandon the policy of forcing US firms to part with technical knowhow
If selective tariffs are taken to the WTO, then there is a good chance that these will be declared to be not in keeping with the rules
Tariffs would not be limited to technology and telecommunications equipment
The European Commission accused Trump of "cherry-picking" data to distort the debate in a transatlantic dispute over US metals tariffs that threatens to become a trade war
EU officials have said they wouldn't enter into trade negotiations in exchange for waivers from the import tariffs of 25 per cent on steel and 10 per cent on aluminium
US industries processing steel and aluminium have also criticised the tariffs as landing them with higher costs
EU and Japan, United States' top economic and military ally in Asia, also reiterated that their exports were not a threat to US national security, rejecting Trump's justification for imposing tariffs
Turnbull said the two leaders discussed the importance of a 'fair and reciprocal' trade relationship between Australia and the US
The provisional list correlated strongly with Republican congressional districts and included Harley-Davidson motorcycles, bourbon, rice, kidney beans, sweet corn, tobacco and peanut butter
Sajjan Jindal, chairman of JSW Steel, however, asked the government to impose similar tariffs on steel made overseas to protect Indian manufacturers
"We are an ally, not a threat," European Commission Vice President Jyrki Katainen said
Asia-Pacific nations sign sweeping trade deal without US
Republicans and the financial markets, which sank over fears that across-the-board tariffs would incite retaliatory action that stunts the United States' economic growth