EU prepares for trade war if U.S. slaps tariffs on steel imports

이재민 교수님 대담

And to tell us more about this, we're now joined by Professor Lee Jae-min from the Seoul National University School of Law.
Welcome to the program professor.

Great to be here.

1- So, the European Union says it's ready to retaliate against the U.S.,.... over President Trump's proposed tariffs on steel and aluminum.
What's the situation like right now?

2- There was some hope though that Trump's economic adviser Gary Cohn,... who's known to be a free trade advocate,... would help to dissuade Trump on imposing such high tariffs,... but Cohn ended up resigning on Tuesday.... further escalating the risk of a trade war.

3- At this point, we wonder if Trump's tariffs are indeed allowed under international law?
Do they appear compatible with World Trade Organization rules?

4- So what could be some of the reasons behind Trump's shock decision to impose such high tariffs?

5- Some are saying that the 2018 midterm elections could be one of the reasons as well.
Tell us more about this.

6- But then we heard that over one-hundred Republicans called on Trump not to impose broad tariffs on steel and aluminum.
How would such opposition possibly affect Trump's plan to sign off on the measures this week?

7- What's interesting is that Trump himself has been repeatedly courting the possibility of a trade war on Twitter,... but then all of sudden Trump said on Monday..... that despite imposing new tariffs on imports of steel and aluminum,... there's no need to worry about a trade war.
What can we make of this?

8- But then there have been growing concerns over Korea possibly being the biggest victim of a trade war between the U.S, China and the European Union.
How have the Korean won and local stocks been reacting to the latest news?

9- What are the chances of Trump using tariffs as a mean to pressure Korea amid ongoing negotiations over the Korea-U.S. Free Trade Agreement?

10- The Korean government is stepping up efforts to protect the local industry from Trump's tariffs on imported steel.
In fact, Trade Minister Kim Hyun-chong..... set out on his second trip to Washington DC in a week on Tuesday..... to get Korea exempted from the proposed steel tariffs by the U.S.

11- What other kinds of countermeasures should the Korean government have in place for a potential trade war and additional tariffs by the U.S. as well as other countries?

Thank you for your insight today professor.


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