Dems, GOP Leaders Worried About Trump's Tariff Plan

US President Donald Trump speaks on steel and aluminum tariffs during a meeting with industry leaders in the Cabinet Room of the White House

Last week, President Trump said he would impose a 25% tariff, or tax, on steel imports and 10% on aluminum, sparking a big sell-off in stocks. "Trump has made a decision at this point".

"We're doing tariffs on steel".

We're not backing down, Mexico is, uh, we've had a very bad deal with Mexico, a very bad deal with Canada, it's called NAFTA. Those negotiations that already had hit serious roadblocks over United States demands.

Mexican Economy Minister Ildefonso Guajardo, Canadian Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer smile during a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico yesterday.

"We have had a bad deal with Mexico". They're already seeking waivers, but his trade adviser says there will be no exemptions.

Trump has threatened to tax European cars if the EU boosts tariffs on American products in response to the president's plan to increase duties on steel and aluminium. Also, Canada must treat our farmers much better.

Mexico's Economy Minister Ildefonso Guajardo in a tweet said the threat is "the wrong way to incentivize the creation of a new & modern NAFTA".

In a wide-ranging attack on the WTO, Trump labeled the global trade regulator a "catastrophe" last month. China exported a total of 26.9 million metric tons of steel to United States market during the first three quarters of previous year, according to U.S. government data.

Minimize Canadian content: Responsive tariffs should focus on US goods and services with little Canadian content, to minimize the pain for Canadian suppliers to USA industry.

"I think the smarter way to go is to make it more surgical and more targeted", Speaker Ryan told reporters at a Tuesday news conference when asked about his differences with the President on trade.

Portman, a director of the Office of Management and Budget under President George W. Bush, also said he thought Trump should "use more of a scalpel approach" than his current approach, adding that he has spoken with some White House officials but not the president himself. She said that, if the United States went ahead and applied taxes to European steel, the EU would take the issue to the World Trade Organization (WTO).

Republican allies of President Donald Trump are pleading with him to back off his threat of turning to worldwide tariffs, but Trump says he won't. Trump, in turn, said he would then hit European cars with tariffs.

Germany warned against protectionist measures, which it said "would inflict pain" on both sides of the Atlantic.

According to a news release from the Prime Minister's Office, "The prime minister also registered his serious concern about the US administration's proposed tariffs on steel and aluminum".

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