US House speaker urges Trump to drop new tariffs plan

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Trump is expected to finalize the tariffs later in the week, posing a tough challenge for US Trade Representative Robert Lighthizer, Canada's Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo.

"No, we're not backing down". "We had a very bad deal with Mexico, we had a very bad deal with NAFTA", Trump said at a joint media conference with visiting Israeli Prime Minister Benjamin Netanyahu at the Oval Office.

Trump announced on Thursday that his administration would impose a 25% tariff on steel imports and a 10% tariff on aluminum.

The tariffs, like Trump's threats to blow up NAFTA, are poised to hurt voters in red-state Trump strongholds, as well as the superrich GOP donor class and ...

"We have had a bad deal with Mexico". They're already seeking waivers, but his trade adviser says there will be no exemptions. Commerce Secretary Wilbur Ross seemed to leave the door open to specific country exceptions when asked about them by Chuck Todd on NBC's Meet the Press on Sunday. "NAFTA has been a disaster for many years".

"The president has made it clear that without a steel industry, without an aluminum industry, we don't have a country", Mr. Navarro said on Fox Business. For decades domestic steelmakers have said they can't compete with nations that subsidize their industries and dump cheap steel on the market.

But the Trump administration is coming under political pressure at home to exclude Canada, which is the largest source of imported steel and aluminum to the United States.

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The US has a deficit with Mexico that was $63 billion in 2016, and $52 billion in the first three quarters of past year.

That's why legislators from USA states that export agricultural products are deeply concerned with Trump's action.

Canada and European Union officials have both said they would likely retaliate with tariffs on US goods if the White House imposed tariffs on steel and aluminum.

Trump was, however, less enthusiastic about a possible trade war on Monday than last week when he tweeted: "Trade wars are good, and easy to win".

"I don't think we'll have a trade war", he continued. It is the top exporter to USA markets of both steel and aluminum.

"If they do that then we put a big tax of 25 percent on their cars and believe me they won't be doing it for very long", he warned, pointing to an "unfair" trade setup between the European Union and the U.S.

Negative impacts "would ripple through the economy", warned the research.