there were no international reactions to that have been for england get hot from this is dense we'll have that story for you coming up shortly here watching the dow good news coming to light from burning. of the. frankfurt. international gateway to the best connection self and road and rail. located in the heart of europe you are connected to the whole world. experience outstanding shopping and dining office and trialling services. biala gassed at

frankfurt airport cd managed by from. me takes it personally you already with a little bit wonderful people and stories that make the game so special. for all true fans for my son. pick up more than football online. staying true to his word as u.s. president donald trump signs off on tariffs on steel and alum india sparking fears of a tit for tat spot leading to a global trade war the e.u. says it should be exempt. also coming up the u.s. may have pulled out of the transpacific partnership other countries have gone ahead

and signed it anyway creating a massive new free trade zone. this is the w business line from berlin i'm good how tough is welcome. u.s. president has signed off on tires between ten and twenty five percent on steel and many imports he says they are necessary to address unfair trade conditions boost the u.s. economy and create jobs that still only accounts for two percent of world trade and yet the sit for top of tariffs and penalties is dangerous the ripple effects can escalate into a full on trade or u.s. business leaders and prominent members of his own republican party have warned strums administration it is courting economic disaster 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 us. today i'm defending america's national security by placing tariffs 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 so. we're actively considering filing a complaint with the world trade organization. we've already discussed the issue with the european trade commission. me. 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 they're 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 cherubs the trade ministry in beijing has called on washington to drop them but it's 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. german chancellor angela merkel has also reacted to the tariffs decision here's what she had to say. yes you know we're also concerned about the imposition of tariffs on session products as a government we have

a clear commitment to multilateralism we support the european commission as it seeks talks with the well trained organization and the us but also with countries where that could be and knock on effects like china but i believe that channel of communication should be kept on the commission has also made that clear that there is no big deal that's going on in this town. where warnings are poor in from all corners that the economic fallout could potentially be very large and that is not going down well at all with the country's allies and somewhat surprisingly american industry ally because american steel makers employee only about one hundred forty thousand people but still consuming manufacturers' live here as a comic has for example a much bigger employing six point five million people the new tariffs mean the bigger producers will suffer from higher prices on imports for the benefit of the

relatively small domestic steel industry the protective tariffs have also been billed as a shot at china's overcapacity but it's america's biggest allies that could see most of the damage canada for example is the biggest exporter of steel to the u.s. followed by the e.u. and brazil china is way down the list at only a position eleven that and the impact on allies will be big europe still association says that it could slash american imports of european steel which is currently valued at five billion dollars a year by the way when george w. bush impose tariffs on steel in my. two thousand and two they backfired spectacularly according to a report by the u.s. mint factoring industry new jobs in u.s. steel factories created by the tariffs back then were heavily outweighed by job losses in other industries overall two hundred thousand jobs were lost in the u.s.

manufacturing industry bush back down and pull the tariffs in one half after introducing them now let's bring in our financial correspondent only bonds from the frankfurt stock exchange only just very briefly hard markets reacting. markets are reacting negatively the dax here in germany where i'm standing here in frankfurt is going down about a half a percent and car shares aren't really all that express affected of course it's still an aluminum for the moment cars are looming and the steel companies there's one name that might not be a household name of their side of germany but itself and it's a very important steelmaker here in germany and that's going down by over five percent just today so that's a hefty loss the bigger steelmaker to syncro which is a is a well known name seen not as likely to be affected because it's less exposed and it's still business in the united states across europe smart markets mostly flat

and the euro going down with this news asia going up mitigated i think the effect here in the european markets as well mitigated by the fact that trump and the north korean leader will be sitting down for talks that's seen as a huge success here in the market. should be a great relief but do the best to still think that a full on trade war might be actually on the cards now. i think they still do i think most people are hoping that it not be listening to people like chancellor markel hoping for communication and not retaliation but the e.u. already saying that it's ready to retaliate and trump certainly seen as someone that is for the u.s. e.u. not to retaliate but to go the different direction in order to prevent a trade war namely levy less tariffs on u.s. cars coming to europe they're not going to ten percent e.u. cars in the united states two and a half percent apiece trump by lowering these rates over here and prevents

a trade war interesting strategy of peason that really in frankfurt thank you very much. well he has mentioned the e.u. and the european trade commission and cecilia monstre has also reacted to the u.s. tariffs on steel and other mini i'm taking to twitter she said on tonight's and nonsense the e.u. is a close ally of the us and we continue to be of the view that the e.u. should be excluded from these measures it will seek more clarity on the issue in the days to come i'm looking forward to meeting the u.s. trade representative lighters in brussels on saturday to discuss and while trump touts his unilateral imp unilateral import tariffs his neighbors canada and mexico and nine other pacific rim nations are lowering trade barriers they're opening their markets with a revamped multilateral free trade agreement which trump rejected after taking office representatives of the eleven countries met in the chilean capital of

santiago did in to sign the comprehensive and progressive trans-pacific partnership complicated word c p t p p the deal sees tire of slowing or eliminated on a wide range of goods the eleven signatories have a combined population of half a billion people that's a big market and account for nearly fourteen percent of global economic output. well one of the part of that you trade agreement is of course australia and let's cross over now to our correspondent in sydney to hammond did a kind of united front of t p p c p country countries make up for the damage that the tariffs will cause. most probably yes that is a pretty strong strong union of states now created and some of these states like malaysia are vietnam or peru even they are very very export hungry and they're

trying to be as strong as they can and they would do almost everything for good exports but maybe that is not even necessary because. here in australia a lot of business people think that the world trade organisation the w t o will not let a trump go like he wants to go that there will try to to get into a quarter to just not allow him what he's going to do and on the other hand here in australia these tariffs these new tariffs on steel and aluminum are not a very big problem australia is neither big steel nor big aluminum exporter that is not important in that business so it doesn't hurt but some people say and i do not understand why but some people say that there are already secret agreements between from bed prime minister malcolm turnbull about an extension of

these tariffs so let's see let's wait and hope that trump will realise that you may be made a mistake these are very very briefly please australia's pm seem confident that he's getting an exemption is he right they are confident that they will get an exemption but as i already mentioned they do not really need an extension of tariffs on steel and aluminum did in the senate there thank you very much. and that's it for me on the business team i'll have an update for you in the next hour thank you very much for watching.

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