President Trump's proposed steel, aluminum tariffs could cost United States over 179000 jobs

Share

White House Director of Trade and Industrial Policy Peter Navarro repeated this point on Monday, telling Fox News, "As the president said, we can't have a country without an aluminium and steel industry".

And if the ongoing renegotiation of the North American Free Trade Agreement with Mexico and Canada does not produce the desired result, Trump said he'll terminate the deal.

Trump says the tariffs are needed to balance the playing field and punish nations that violate existing trade agreements, which adds to the USA trade deficit and erodes American jobs. "Massive relocation of companies & jobs", Trump wrote.

Those tariffs could be removed for Canada and Mexico if they signed a "new and fair" agreement, he suggested.

He added, "Also, Canada must ... treat our farmers much better". "Millions of people addicted and dying".

Trump tweeted on Friday that a trade war would be "good, and easy to win".

U.S. stocks opened lower on Monday as investors remained concerned about the increasing likelihood of a global trade war.

Chairman Kevin Brady of Texas has urged more targeted tariffs on unfairly traded products, rather than broad measures that could hurt economic growth, Aronson said.

In a series of tweets, the president linked the tariffs to issues with Canada and Mexico.

"No, we're not backing down", Trump said, speaking to reporters in the Oval Office during a meeting with Israeli Prime Minister Benjamin "Bibi" Netanyahu.

A member of the Mexican negotiation team checks her phone during a lunch break at the hotel where the seventh round of NAFTA talks involving the United States, Mexico and Canada takes place, in Mexico City, Mexico, Feb. 28, 2018.

Senate Finance Committee Chair Orrin Hatch (R-UT) said the tariffs are "not going to help America" and whoever recommended them to Trump should be "reprimanded".

Trump's aversion to German vehicle imports had manifested before.

Last Thursday, Trump hinted he would impose hefty duties on imported steel and aluminum in an effort to protect American producers. Canada supplied about 16 per cent of that steel.

Trump said the European Union has "trade barriers far worse than tariffs", and again threatened to "tax their cars" if they go through with their response.

"There is clearly abuse occurring; clearly there is overcapacity, dumping and transshipping of steel and aluminum by some countries, particularly China", the Wisconsin Republican said.

Exports - which totaled $172 billion in 2017, 11 percent of the USA total - are a big part of our economy.

Share