Paul Ryan Finally Finds Something He Just Can't Tolerate About Trump: Tariffs

Fact check: Trump on trade, guns, the economy and Russia

But Mr Trump has insisted he is "not backing down" on his plan to impose stiff tariffs on imported steel and aluminium, despite anxious warnings from House Speaker Paul Ryan and other congressional Republicans of a possible trade war.

American allies including Canada have protested the planned protectionist move by the president, saying they shouldn't be covered by Trump's planned 25 percent tariffs on steel and 10 percent on aluminum.

Commerce Secretary Wilbur Ross may have looked ridiculous hoisting a can of Campbell's soup on TV, but he has a valid if narrow point when he seeks to minimize the immediate economic consequences of President Donald Trump's proposed 25 percent tariff on steel imports and 10 percent tariff on aluminum.

British Prime Minister Theresa May raised her "deep concern" at the tariff announcement in a phone call with President Trump Sunday. Some Republican lawmakers criticized the deal, fearing increased costs to American consumers.

Despite Trump's tweet claiming there is a large trade deficit with Canada, in fact the United States maintains a trade surplus with its northern neighbor of almost $8 billion in 2016, and almost $3 billion in the first nine months of 2017.

"We'll see. The president makes the decision", Ross said on NBC's "Meet the Press" programme. Massive relocation of companies & jobs.

House Republicans tasked with tax and trade policy are drafting a letter addressed to Trump "expressing concerns about 'the prospect of broad, global tariffs on aluminum and steel imports,"' according to Lauren Aronson, a spokeswoman for the Ways and Means Committee.

While Azevêdo did not mention Trump in his most recent statement, he said on Friday the organization was concerned about the administration's announcement. Treasuries rallied as investors sought out safe-haven securities.

BMW shares fell 3%, Volkswagen and Daimler 2.5%, while Italy's Fiat Chrysler also fell. German auto companies urged policymakers on Monday to avoid a trade war with the United States "at all costs".

"Should restrictions be imposed on Canadian steel and aluminum products, Canada will take appropriate, responsive measures to defend our trade interests and our workers", she said. And I understand I just got a call from the people who are right now in Mexico City negotiating NAFTA, Mexico and really Canada want to talk about it. Canada and Mexico argue that NAFTA has benefited each country.

Automakers are reaching out to senators and governors and asking them to make the case against tariffs to the White House, officials said. Last week Trump said he will impose tariffs on imported steel and aluminum from all countries.

The president noted that his efforts to renegotiate NAFTA continue as well.

He abandoned on his first day in office a 14-nation Pacific trade pact that stood no chance of passing Congress.

Canada is the largest US trading partner and past year shipped $7.2 billion worth of aluminum and $4.3 billion of steel to the United States.

President Trump speaks on steel and aluminum tariffs during a meeting with industry leaders in the Cabinet Room of the White House on March 1. In another tweet, Trump said Canada must treat American farmers much better. And he said Mexico had to do "much more on stopping drugs from pouring into the U.S". "It's the wrong way to incentivize the creation of a new & modern NAFTA", Economy Minister Ildefonso Guajardo said on Twitter on Monday.