Pacific Rim Countries Sign Historic Agreement Against US Protectionism
Updated:March 9, 2018, 7:52 PM IST

Trade ministers from 11 Pacific Rim countries signed a sweeping free trade agreement Thursday to streamline trade and slash tariffs. The announcement came on the same day that US President Donald Trump formalised new tariffs on aluminium and steel to protect U.S. producers. Tariffs of 25% are to be placed on steel and 10% on aluminium imported into the US. Trump withdrew the U.S. from the Trans-Pacific Partnership last year, causing fears that it would not prosper without its most influential country. But the remaining 11 members pressed ahead, saying they were showing resolve against protectionism. Mr Trump has said the US is suffering from "unfair trade" and that the move would boost US industry