(Adds Chinese Foreign Ministry quotes pars 8, 9)
* China says global trade to be hurt if others follow U.S.example
* S.Korea trade minister in U.S., seeking more info
* Chinese 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 Tom Westbrook
SEOUL/SYDNEY March 2 (Reuters) - U.S. President DonaldTrump's planned tariffs on steel and aluminium risk retaliationfrom other economies and could cost jobs, Australia's trademinister said on Friday, while China predicted harm to trade ifother countries follow the example of the United States.
Fears of an escalating trade war roiled Asian markets,hitting the share prices of steelmakers and manufacturerssupplying U.S. markets particularly hard.
U.S. stock futures pointed to a steady start on Friday aftera sharp fall following Trump's Thursday announcement.
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. imposition of a tariff like this will do nothing otherthan distort trade and ultimately, we believe, will lead to aloss of jobs," Australian trade minister Steven Ciobo toldreporters in Sydney.
"My concern remains that on the back of actions like this wecould see retaliatory measures that are put in place by othermajor economies. That is in no-one's interest."
Australia, which has championed the free-trade Trans PacificPartnership that Trump pulled the United States out of, hassought an exemption for its steel and aluminium exports to theUnited States, Ciobo added.
"All countries steel and aluminum industries are facingdifficulties," Chinese Foreign Ministry spokeswoman Hua Chunyingtold a regular briefing in Beijing.
"China urges the United States to show restraint in usingprotective trade measures, respect multilateral trade rules, andmake a positive contribution to international trade order."
Steel has become a key focus for Trump, who pledged torestore the U.S. industry and punish what he sees as unfairtrade practices, 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. us, the worst case scenario was a 54 percent tariff,"said a South Korean trade ministry official who declined to benamed as he was not authorised to speak to media.
Nonetheless, if Trump pursues his proposal for a 25 percentglobal steel tariff, "that will still affect our steel exportsto the U.S," the official added.
Canada, Brazil and the EU said they would look to takeaction over the tariffs.
NATIONAL SECURITY?
Moody's Investors Service noted that steel and aluminium arenot a major economic factor even for big Asian exporters,typically accounting for less than 1 percent of gross domesticproduct or exports.
Asian steelmakers, however, do worry U.S. tariffs couldresult in their domestic markets becoming flooded with steelproducts that have nowhere else to go. are concerned about how other exporters react, what willhappen with steel that cannot be sold to the U.S.,” VikromWacharakrup, chairman of the Federation of Thai Industries' ironand steel industry group, told Reuters. Thailand exports steelmainly to Asia but also the United States.
The 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 continue to seek clarification," said Japanese Trade andIndustry Minister Hiroshige Seko. "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."
India also raised concerns about the use of the U.S.national security interest provisions, under what is known as aSection 232 investigation.
"We have only 2 percent of our exports to U.S. so noimmediate dent, but validity of Section 232 is stretched to beused as a tariff barrier," India's Steel Secretary Aruna Sharmatold Reuters.
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 the United States. share markets extended Thursday's rout on Wall Street.Japan's benchmark Nikkei Index .N225 dropped 2.5 percent.
Asian steelmakers suffered, with South Korea's POSCO 005490.KS and Japan's Nippon Steel & Sumitomo Metal Corp 5401.T both down more than 3 percent.
"The world stands on the brink of a trade war as DonaldTrump announces severe tariffs on steel and aluminium - forgetthe yield curve - this is how recessions start," said RobertCarnell, head of research, Asia-Pacific at ING in Singapore.
"Trade is just about the only thing economists are agreed on- more is better," he said.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^INSTANT VIEW-Trump says U.S. to impose tariffs on steel,aluminum imports
10 global steel exporters
http://reut.rs/2F4MJ6TFACTBOX-Top steel exporters to the United States