Senior Republican Paul Ryan 'extremely worried' about Trump's tariffs plan

U.S. Steelmakers Surged on Trump Tariff NewsU.S. Global Investors

U.S. Steelmakers Surged on Trump Tariff NewsU.S. Global Investors

"Our factories have left our country, our jobs have left our country", the President said, labeling the NAFTA trade agreement with Mexico and Canada a "disaster".

"Import tariffs make the USA less competitive by raising the prices of raw materials", the bank wrote in a report cited by Bloomberg.

The president's position will likely only be swayed by US businesses and politicians, not foreign governments, by convincing him of the likely harm to the economy if Canada is not exempt, said Simard.

Trump's tariff plan is "the most irrational economic policy that any President has ever introduced in the last half century", says the former U.S. Treasury Secretary.

President Donald Trump should take "surgical" action against countries that dump steel and aluminum in USA markets rather than follow through on a risky threat of global tariffs, Congress's top Republican said Tuesday.

Navarro dismissed arguments by conservative economists and Trump supporters Stephen Moore, Arthur Laffer and Larry Kudlow, who argued in a recent op-ed in The Hill newspaper that Trump's proposed tariffs jeopardize five million manufacturing jobs that depend on steel and aluminum inputs.

"We're not backing down", Trump said during remarks in the Oval Office preceding a meeting with Israeli Prime Minister Benjamin Netanyanhu. Rep. Brad Wenstrup, R-Ohio, told ABC News that colleagues are adding their signatures to a letter to President Trump conveying their position and Sen.

There was no indication from the White House whether a revamped NAFTA would result in tariff waivers just for Canada and Mexico, or if it would apply to all countries sending steel and aluminum to the U.S.

Gold Has Historically Rallied in Periods of High InflationU.S. Global Investors
Gold Has Historically Rallied in Periods of High InflationU.S. Global Investors

"U.S. President Donald Trump has made it clear that he will push ahead with his plan to impose high tariffs on imported steel and aluminum, despite concerns of a trade war". "I think there's a lot of communication going back and forth".

Of course, it's very early and we do not know where rhetoric out of Washington ends and protectionist action begins, nor do we know any concrete reactions the world may have (if any - very likely there would be), against any Trump tariffs. "We will never hide or seek to hide behind trade barriers to shield ourselves from our lack of competitiveness".

Mr Trump's pronouncement last week that he would impose the tariffs roiled markets and rankled allies.

"These tariffs are not a tax on foreign steel and aluminum producers, but rather a tax on American citizens and businesses", Hatch said.

Edward Alden, a senior fellow at the Council on Foreign Relations specializing in worldwide trade, also predicted a net loss of jobs last week when the tariffs were first proposed.

Republican South Carolina Senator Lindsey Graham said the sweeping action would let China "off the hook", adding the tariffs would drive a wedge between the United States and its allies. Those imports largely come from USA allies such as Canada, Mexico and the EU.

Thirty-four percent of those surveyed said they approved of Trump's handling of trade in general, while 54% said they disapproved.

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