Ryan pushes Trump to take 'more surgical' approach to tariffs

Pablo Tucker
March 13, 2018

US President Donald Trump said Monday he's "not backing down" from his plan to impose tariffs on steel and aluminum imports.

Earlier this week Donald Trump made a surprise announcement that he intends to impose a 25% tariff on steel and 10% on aluminium in an attempt to protect usa industry.

On Monday morning, Trump tweeted that Canada and Mexico would only be exempt from the tariffs, which consist of a 25 percent tax on steel imports and a 10 percent tax on aluminum imports, if they take Trump-friendly steps on NAFTA and drug trafficking.

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've had a very bad deal with Mexico, a very bad deal with Canada. "We are renegotiating NAFTA as I said I would, and if we don't make a deal, I'll terminate NAFTA".

"Canada must. treat our farmers much better", he said.

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".

"Unless they can do something for us, as an example if the European Union takes off some of the terrible barriers that make it impossible for our product to go into there, then we can start talking, otherwise we'll leave it the way it is", he said.

Trump's remarks have sparked-off a chorus of condemnation around the world from countries concerned about the economic impact of a trade war.

But in his remarks Tuesday, Trump also didn't back down from some of his more aggressive rhetoric on trade wars. They said the tariffs hurt the Republican economic agenda and could be a strike against the party politically.

"We have large trade deficits with Mexico and Canada". That's the thing with trade wars - they can escalate quickly and easily spin out of control. "NAFTA has been a disaster for many years".

"I don't see that changing anytime soon but I am anxious about this sort of sentiment shift, that people all around the world might suddenly say free trade is not good for the world, and that would be particularly bad for a trading company like BHP and a trading nation like Australia".

The U.S. constitution gives Congress authority over taxation and tariffs.

Trump announced the tariffs in front of the steel/aluminum companies who would benefit.

Other reports by iNewsToday