Trade wars are good and easy to win: Trump

US President Donald Trump. Photograph:( AFP )

WION Web Team Washington, DC, USA Mar 02, 2018, 11.35 AM (IST)

After the US president announced steep tariff duty on steel amid global criticism, Trump in an early morning tweet said "trade wars are good", and easy to win.

On Thursday, the US administration had announced tariff up to 25 percent on the steel exports, as a result, the US stock markets fell dramatically with the S&P 500 falling 1.3 per cent and the Dow Jones Industrial Average down 1.7 per cent.

However, in the tweet President Trump said: "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win."

The US president's move was roundly condemned by leaders worldwide. Canada, the next door neighbour, said it will retaliate against any US tariffs on steel and aluminium products.

However, Trump refused to take a step back, tweeting today: "Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!"

Russia said it was "concerned" by US President's decision to impose steep tariffs on steel, and Germany "rejected" the move outright.

"The federal government rejects such tariffs... the problem of global overcapacity in the steel and aluminium sectors cannot be solved by this unilateral measure from the United States," Germany said.

German foreign minister Sigmar Gabriel said the European Union must respond "with determination" to US President Donald Trump.