Republicans move to block Trump's tariffs on steel, aluminum

Republicans move to block Trump's tariffs on steel, aluminum

Republicans move to block Trump's tariffs on steel, aluminum

US President Donald Trump vowed Monday he will not back down on imposing steep tariffs on steel and aluminium on Canada and Mexico unless he gets a "fair" deal to revamp the North American Free Trade Agreement.

Let's remain calm while we await details on President Donald Trump's threat to impose tariffs on imported steel and aluminum.

Trump announced March 1 that the United States planned to impose 25 percent of tariff on steel imports and 10 percent for aluminum, as these imports threaten the USA national security, Xinhua reported. The president bolstered that theory by tweeting on Monday that Canada and Mexico could duck the tariffs only if the USA gets a "new & fair" trade deal.

But the U.S. leader who prides himself on his ability to negotiate business deals, and last week said trade wars were "good, and easy to win", said the tariffs could depend on the outcome of the NAFTA talks.

This comes as the renegotiating terms of NAFTA with Canada and Mexico.

".treat our farmers much better".

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At the same time, tariffs imposed on our trading partners encourage them to impose tariff on products they import from the U.S. That means U.S. exporters will sell less to foreign buyers because foreign buyers will have to pay more for what they import. "Millions of people addicted and dying", he said.

President Trump has responded to criticism by arguing trade wars are good when there is an imbalance and that they are "easy to win".

"I don't think you'll have a trade war", he said.

"No, we're not backing down", Trump declared despite being directly asked of Ryan's statement expressing alarm at the tariffs.

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.

The executive arm of the European Union reportedly plans to target $3.5 billion of goods imported from the U.S., including T-shirts, whisky, motorcycles and ladders, if Trump decides to implement worldwide duties on steel and aluminum. But those who are concerned should wait for more details before going off the deep end about an impending trade war. When services - not jut goods - are figured in, the US has a trade surplus with the Great White North.

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Because the world is run by toddlers in suits, the European Union is already planning its tit-for-tat tariffs, reportedly with a plan to slap an import tariff of 25% on US steel.

Now, he's about to take his bad trade policy to an even more risky place.

GM stocks have dropped 8.5 percent, according to CNBC, even though the company issued a statement saying "We purchase over 90 percent of our steel for USA production from USA suppliers".

China is the world's largest steel exporter, but the share of the country's steel in United States imports is only 2%.

While Trump is apparently aiming at China with these tariffs, he badly misfired.

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