* S.Korea trade minister in U.S., seeking more info
* China steel industry sees little impact
* Toyota says tariffs will raise costs, prices in U.S.
* Global shares slide on trade war fears, Asian steelmakershit
By Jane Chung and Kaori Kaneko
SEOUL/TOKYO, March 2 (Reuters) - Asian steel exportingnations took a wait-and-see approach to plans announced by U.S.President Donald Trump to impose hefty tariffs on steel andaluminium, saying they would talk to U.S. officials and seedetails of the plans before responding.
Fears of an escalating trade war, hit the share prices ofAsian steelmakers and manufacturers supplying U.S. marketsparticularly hard on Friday following a rough night on WallStreet.
Trump said the duties of 25 percent on steel and 10 percenton aluminum would be formally announced next week, althoughWhite House officials later said some details still needed to beironed out. has become key focus for Trump, who pledged to restorethe U.S. industry and punish what he sees as unfair tradepractices, particularly by China.
Although China only accounts for 2 percent of U.S. steelimports, its massive industry expansion has helped produce aglobal glut of steel that has driven down prices.
"The impact on China is not big,” said Li Xinchuang, vicesecretary-general of the China Iron and Steel Association. "Nothing can be done about Trump. We are already numb to him."
South Korea, the third-largest steel exporter to the UnitedStates after Canada and Brazil, said it will keep talking toU.S. officials until Washington's plans for tariffs arefinalised. Korean trade minister Kim Hyun-chong has been in theUnited States since Feb. 25, the trade ministry said. Kim hasmet U.S. Commerce Secretary Wilbur Ross and other officials toraise concerns over the so-called Section 232 probe and considera plan that would minimise the damage to South Korean companies.
NATIONAL SECURITY?
Of most concern to Asian producers and exporters is the riskthat any U.S. tariffs will trigger retaliation by othercountries that spread beyond metal markets into a full blowntrade war.
Asian steelmakers also fear U.S. tariffs could result intheir domestic markets becoming flooded with steel products thathave no where else to go. Trump administration also cited national securityinterests for its action, saying the United States needsdomestic supplies for its tanks and warships.
Contrary to the action announced by Trump on Thursday, theDepartment of Defense had recommended targeted steel tariffs anda delay in aluminum duties.
"We are aware of President Trump's statement but the detailsof the measures including which nations will be targeted haveyet to be announced," said Japanese Trade and Industry MinisterHiroshige Seko.
"We continue to seek clarification. I don't think exports ofsteel and aluminum from Japan, which is a U.S. ally, damagesU.S. national security in any way, and we would like to explainthat to the U.S. "
Trump believes the tariffs will safeguard American jobs butmany economists say the impact of price increases for consumersof steel and aluminum, such as the auto and oil industries, willbe to destroy more jobs than they create.
Japan's Toyota Motor Corp 7203.T said the tariffs wouldsubstantially raise costs and therefore prices of cars andtrucks sold in America. of the tariffs hit sentiment on Wall Street due to thepotential impact of higher costs on consumers and the potentialfor damaging tit-for-tat retaliation by affected countries. decision by the U.S. to raise tariffs on aluminium andsteel products is a clear step in the wrong direction that risksfurther escalating global trade tensions," said Innes WilloxChief Executive of the Australian Industry Group, representingthe industrial sector's interests, in a statement.
Asian steelmakers suffered with shares in South Korea'sPOSCO 005490.KS and Japan's Nippon Steel & Sumitomo Metal Corp 5401.T down more than 3 percent.
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