Trump says his steel tariffs will save the USA industry

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China's commerce ministry said a US decision to subsidise renewable energy firms and impose tariffs on imported products has seriously distorted the global market and harmed China's interests, firing the latest shot in a broader trade conflict.

He told the Journal the 25 per cent tariffs on steel will rescue an industry important to USA national security.

He also predicted that the competition USA companies will face in the future will mostly be domestic due to his actions.

Many economists, business leaders, and members of Mr. Trump's own party would take issue with his boasts, arguing that he is both exaggerating the benefits of the policies while understating their significant direct and indirect costs.

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"The above-mentioned USA wrongful measures seriously distorted the worldwide market for photovoltaic and other products and severely damaged China's trade interests".

Foreign steel companies make large numbers of specialty products that American ones don't produce, and, experts say, are unlikely to jump into those segments, even with new protections.

"Solar is only a piece on the big trade chessboard", said another Chinese solar executive, who also declined to be named. The Chinese retaliated by imposing tariffs on American agricultural products.

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