SYDNEY – President Donald Trump’s plans to slap tariffs on steel and aluminium imports is a black day for the world and business, according to the biggest mining company.
BHP Billiton and competitors could be hit should other economies follow the move by the US toward a more protectionist and anti free-trade agenda, CEO Andrew Mackenzie said Tuesday at a business summit in Sydney. The US tariffs are “a black day for the world and business", he said.
“I am worried about this sentiment shift that people all around the world might suddenly say that free trade isn’t good for the world and that would be particularly bad for a trading company like BHP,” Mackenzie said during a panel on the economy. "We have to speak up loudly against these measures as being bad for America and bad for the world."
BHP joins the chorus of global criticism from business and government that’s greeted Trump’s plans to impose tariffs of 25% on imported steel and 10% on aluminium. His surprise announcement Thursday roiled global financial markets amid mounting concern of an international trade war.
“Free trade is self-evidently the lifeblood of the global economy, and we expect it to flourish despite the regrettable developments in the US,” Mackenzie said. Outside the US, “we observe buoyant economic conditions underpinned by the growth of free trade,” he said.
The move came after an inquiry sparked by US metal producer complaints that they were hobbled by lower-cost output from China and other countries. Mackenzie said he would like to see the US and China work more closely together despite ongoing conflict.
"I certainly see the tensions," said Mackenzie. "I hope over time they can find a way of working together."
Edited by: Bloomberg
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
