'Not backing down' on tariffs


There was always a chance that Trump "could amend his initial announcement" to take account of the concerns expressed about it, said a source familiar with the internal debate at the White House. "We've had a very bad deal with Mexico, a very bad deal with Canada - it's called NAFTA".

"Our friends and enemies have taken advantage of the USA for many years".

"No, we're not backing down", Trump said. Experts and business leaders have warned, however, that should the tariffs go ahead, the blowback could hurt USA industries, particularly in the event of a trade war with a major trading partner.

Ben Sasse said the tariffs "will kill American jobs", while House Speaker Paul Ryan's office sent out an email Monday tying early stock market declines to tariff concerns.

The move is a blow to May's plans for a post-Brexit free trade deal with the US. "The new tax-reform law has boosted the economy, and we certainly don't want to jeopardize those gains".

All throughout last week, news headlines touted the potential for a trade war, where USA tariffs prompt retaliation from other countries, followed by more US tariffs and so on.

He says the metals duties will only be removed on the American neighbors to the north and south until a "new and fair" free trade agreement is signed. Such shares rose as they aren't affected by Trump tariffs on imported steel and aluminum. "So we'll see what happens". While the German DAX Index has advanced by 0.6 percent, the French CAC 40 Index is up by 0.3 percent and the U.K.'s FTSE 100 Index is up by 0.1 percent. "We've had a very bad deal with Mexico, we've had a very bad deal with Canada - it's called NAFTA", Trump said.

Canadian Prime Minister Justin Trudeau, left, and Mexican President Enrique Pena Nieto make a toast following a meeting at the presidential palace in Mexico City on October 12, 2017.

Mr. Trump's pronouncement Thursday that he would impose tariffs of 25 percent and 10 percent, respectively, on imported steel and aluminum, roiled markets and rankled allies.

Republicans have raised concern about the USA president's plan to impose tariffs on metals, with the party's top lawmaker calling for it to be scrapped.

Mr. Trump appeared unbowed Sunday, as he tweeted that American "Steel and Aluminum industries are dead".

Mexican President Enrique Pena Nieto and President Donald Trump hold a meeting on the sidelines of the G20 Summit in Hamburg, Germany, on July 7, 2017. "For every steelworker job that might be saved because of a tariff, our country will lose even more American jobs in auto plants, construction, and so many other industries". But Commerce Secretary Wilbur Ross, whose agency oversaw reviews of the industries that recommended the tariffs, said Sunday on ABC's "This Week" that Trump is "talking about a fairly broad brush".

Stocks in Shanghai edged up after Beijing set an annual growth target for the world's No. 2 economy of "around 6.5 percent" for 2018.

"So while it might affect an individual producer for a little while, overall it's not going to be much more than a rounding error", he said.

Chrystia Freeland, Canada's minister of foreign affairs, released a statement in response to the proposal last week. Just recently the president of Mexico canceled a state visit to the White House.

Canada said tariffs would cause disruption on both sides of the border.

Higher prices on steel and aluminum, furthermore, will compel companies that rely on such products to pass on some of the costs to consumers.

"We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", Ryan spokeswoman AshLee Strong said in a statement Monday morning.

He reiterated the levels proposed, saying, "25 percent on steel and the 10 percent on aluminum - no country exclusions, firm line in the sand".