Paul Ryan and Other Republicans Try to Talk Trump Out of Tariffs


Despite pressure from Republican allies like House Speaker Paul Ryan, President Donald Trump says he's standing by his plans for worldwide tariffs on steel and aluminum.

Trump announced his plans to impose a 25 percent tariff on imported steel and a 10 percect tariff on imported aluminum late last week, during a meeting with Secretary of Commerce Wilbur Ross and industry executives.

Meanwhile the president has ratcheted up the pressure on Canada and Mexico as they negotiate a new NAFTA trade deal, saying the two could avoid being caught in his planned hefty tariffs on steel and aluminium imports if they ceded ground to Washington.

While it's unclear what exactly would qualify as a "new and fair" deal for Trump, the president previously called NAFTA "the worst trade deal in history".

The tweets come as the seventh round of negotiations on a new NAFTA deal wrap up in Mexico City. Massive relocation of companies and jobs.

Under pressure at home and overseas over his announcement of sanctions on imported aluminum and steel, President Trump indicated Tuesday there may be flexibility about how they are applied to some countries - if they play ball in return. Also, Canada must treat our farmers much better. "Millions of people addicted and dying", he said.

"Unless they can do something for us, as an example if the European Union takes off some of the awful barriers that make it impossible for our product to go into there, then we can start talking, otherwise we'll leave it the way it is", he said.

Trump appeared unconcerned by fears of a "trade war" between various countries over his proposed tariff.

The announcement saw world stock markets plunge, while many U.S. commentators - including from President Trump's own party - raised concerns about potential higher costs for USA manufacturers.

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"The idea of imposing steel or aluminium tariffs of any kind is an affront to economic freedom", David McIntosh, the group's president, said in a statement.

He also cooled down some of the rhetoric coming from Trump about a potential trade war.

Trump made it clear during his campaign that he was unhappy with USA trade deficits and planned to do something about them.

"By people representing us who didn't have a clue", Trump said last week.

Exports - which totaled $172 billion in 2017, 11 percent of the US total - are a big part of our economy.

Now, he's about to take his awful trade policy to an even more unsafe place. But the idea behind Juncker's response is to appear as "stupid" as Trump, in order to get him to back down, by giving other USA industries a reason to lobby against the steel/aluminum tariffs.

Because the world is run by toddlers in suits, the European Union is already planning its tit-for-tat tariffs, reportedly with a plan to slap an import tariff of 25% on USA steel. "You'll have to regrow your industries, that's all I'm asking", Trump said.

Trump is expected to formalize his new tariffs this week.