President Donald Trump declared that he won't retreat from his plan to impose tariffs on steel and aluminium imports after House Speaker Paul Ryan rejected the plan, saying the United States economy could suffer.
"No, we're not backing down", he said Monday of his proposed tariffs on steel and aluminum imports.
In tweets earlier Monday, Trump also doubled down on his pledge to enact the new tariffs, saying any exemptions for border countries Canada and Mexico would be part of "new and fair" trade agreements.
"We're working on NAFTA, if we're able to make a deal with Canada and Mexico on NAFTA, there will be no reason to do tariffs with Canada and Mexico", he said. NAFTA, which is under renegotiation right now, has been a bad deal for the US' massive relocation of companies and jobs.
It was not clear whether that meant he wouldn't impose tariffs on just Mexico and Canada or all foreign imports of aluminum and steel. "Millions of people addicted and dying", Trump wrote. "We're going to take care of it", he said. Trump, in response, claimed he could win a trade war easily.
"I don't think we'll have a trade war", he continued.
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Lee called the tariffs a "huge job-killing tax hike on American consumers", while Sasse says similar tariffs in the past have caused American families to suffer. "Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers".
The real increase in customs tariffs is not so painful for China, as in 2017 the imports of steel and aluminum in the U.S. are worth about 4 billion Euro.
Trump says he wants to bring the steel and aluminum industries back from the dead.
Exports - which totaled $172 billion in 2017, 11 percent of the USA total - are a big part of our economy.
On global markets, shares slipped for the fifth straight day and emerging markets weakened sharply, hit by the prospect of a trade war and political instability in Europe after Italy's inconclusive weekend election.