Potential Fallout of Misguided Steel and Aluminum Tariffs

Potential Fallout of Misguided Steel and Aluminum Tariffs

Ryan spokeswoman Ashlee Strong said in a statement on Monday that the speaker is "urging the White House to not advance with this plan".

The European Commission has drawn up a list of retaliatory tariffs that would target about $3.5 billion worth of American goods, according to Bloomberg News.

"The United States has been taken advantage of by other countries - both friendly and not so friendly - for many, many decades", Trump said at a joint White House news conference with Swedish Prime Minister Stefan Löfven.

Sen. Pat Roberts, the chairman of the Senate Agriculture Committee, told reporters last week that Trump's decision on tariffs was the wrong one.

Addressing WTO members today, he argued: "We can not ignore this risk and I urge all parties to consider and reflect on this situation very carefully".

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Republican senator Lindsey Graham said the sweeping action would let China "off the hook", adding the tariffs would drive a wedge between the U.S. and its allies. Trump won the election by promising blue-collar voters in Midwestern, steel-producing states that he would get tough on imports.

The president says during an Oval Office meeting with Israel Prime Minister Benjamin Netanyahu that he doesn't expect to have a trade war as a result of his push to crack down on a flood of steel imports.

"President Trump's recent trade actions, especially the announced plans to impose tariffs on steel and aluminum, will have little effect on China".

EU Commissioner for Trade Cecilia Malmstrom told the BBC that Levi's jeans, Harley-Davidson motorbikes, and Bourbon whiskey were on a draft list of USA goods to be taxed.

Adding the costs of tariffs may make them too expensive for American companies to buy, hurting Canada and other USA trade partners, or they may add to the cost of US manufactured goods and construction projects if the costs are passed along to the final consumer.

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However, a senior adviser to the EU's chief Brexit negotiator Michel Barnier has cast serious doubt on the idea. Prior to Mrs May's statement, the Taoiseach said: "There won't be tripartite or three-way talks".

For his part, Löfven diplomatically expressed a desire for cooperation on trade but said he understood Trump's desire to look out for American interests.

"Trade wars are never won".

The tit-for-tat between the USA and EU has already had an impact on European auto makers, whose share prices dropped on Monday following a threat by Trump to tax their vehicles.

Trade experts and officials in Ottawa and Mexico City raised the possibility the neighboring nations could be exempt from new measures, but the president rejected that possibility and raised the stakes by holding the NAFTA talks hostage to the tariffs.

The announcement sent a shock through the stock market and brought threats and rebukes from key US allies.

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The administration is planning to impose tariffs on imported steel and aluminum. "This would place the US automotive industry, which supports more than 7 million American jobs, at a competitive disadvantage".

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