Trump goes haywire on trade policy
Fears of economic and political backlash are motivating senior congressional Republicans to move forward this week with public and private lobbying efforts aimed at getting President Trump to change his mind about tariffs he intends to levy on steel and aluminium imports. "For every steel worker 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". "Millions of people addicted and dying", Trump tweeted.
"Mr Trump has decried the U.S. trade deficit with other countries, which he has blamed on "'very stupid' trade deals and policies".
USA stocks, reversed early losses to trade in positive territory after falls last week that were triggered in part by Trump's tariff plans.
President Donald Trump walks on the South Lawn after returning to the White House, February 1. Some are appealing to his desire for a robust stock market and warning that the trade penalties could unravel some of the gains they attribute to the tax bill he signed past year. "We believe in free trade", the official added."We don't think tariffs in respect of steel are at all helpful".
"I applaud the president for targeting unfairly traded steel and aluminum", Brady told reporters in Mexico City on Sunday.
US Commerce Secretary Wilbur Ross said, "a lot of ministers from a lot of countries have been talking with the president".
Other countries have already promised to respond to the new tariffs with import taxes of their own.
Trump's message Saturday continued to levy direct attacks at US allies and some of the world's largest economies.
Senator Mike Lee, a Utah Republican, tweeted about his bill to limit the president's ability to impose tariffs without approval from Congress. "We had a very bad deal with Mexico, we had a very bad deal with NAFTA". "The reason our steel industry has been decimated is because of China dumping", Graham said in an interview on CBS's Face the Nation.
Despite Mr Trump's bravado, his threat to further tax cars and metals may be hard to pull off. "The EU is of course available to continue working on this with the United States". Those manufacturers produce hundreds of thousands of cars in the United States each year, many of which are later exported to buyers in Asia and Europe. "I don't think you're going to have a trade war", he added, without elaborating.
Trump has threatened a fine in dollars of "numbers that you hadn't even thought about" for China over the issue in a Reuters interview earlier this year, although the parameters of the investigation have not been disclosed and no date has been set for a decision.
They also came after Trump himself repeatedly courted the possibility of a fight on Twitter.
The president said that North American neighbors Canada and Mexico would not get any relief from his plan to place the tariffs on the imports but suggested he might be willing to exempt the two longstanding allies if they agreed to better terms for the North American Free Trade Agreement. "There is no final plan", said one outside Trump adviser, who spoke on condition of anonymity and said formal action was unlikely this week.
The central bank will now have to factor in the macroeconomic impact of the tariffs, which is expected to be small in itself, but also the broader risk of global retaliation, government-imposed price pressures on a variety of goods, and an ebbing of world trade.
Information for this article was contributed by Damian Paletta, Josh Dawsey and Alan Freeman of The Washington Post; by Ana Swanson of The New York Times; and by Lisa Mascaro of The Associated Press.
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