Trump ignores GOP concern on tariffs; "Trade wars aren't so bad"

Trump You don't have a country without steel

Jamie Dimon, CEO of multinational bank JPMorgan Chase, has said Trump's tariffs will "hurt the USA economy and American companies, workers and consumers".

"We have large trade deficits with Mexico and Canada".

Mr Trump's Monday comments came an hour after Mr Ryan released a statement urging the White House to reconsider its plan. Ryan's home state of Wisconsin would be hit by proposed European counter-measures on Harley-Davidson Inc motorbikes. So are fellow Republicans, including House Speaker Paul Ryan.

Last Thursday, the president said we needed tariffs because "they've destroyed the steel industry".

A meeting had not yet been set up, the source said. NPR's Scott Horsley joins me now from the White House.

If Trump goes through with the tariffs, they will probably be challenged at the World Trade Organization, which resolves global disputes.

Trump ignited fears of a trade war and an outcry from major trading partners this week when he abruptly announced that he would impose blanket tariffs on imported steel and aluminum this week.

"I don't think we'll have a trade war", Trump said as reporters were being lead out of the room. For the sake of simplification, I will mostly focus on the steel tariffs. International Monetary Fund (IMF) and World Trade Organization (WTO) officials criticized the decision, while a number of business leaders called for calm.

But this justification doesn't line up with what Trump says he will do. Instead, he has accused Canada, Mexico and Germany of ripping off the United States, based on the way they export goods to this country, which has always been his central concern.

"Even if tariffs save every one of the 140,000 or so steel jobs in America, it puts at risk 5 million manufacturing and related jobs in industries that use steel", wrote conservative pundit Larry Kudlow in a CNBC column Saturday with economists Arthur Laffer and Stephen Moore. He says the metals duties will only be removed on the American neighbors to the north and south when a "new and fair" free trade agreement is signed. It did not threaten to ramp up the issue. And with Australia vastly increasing its almond production, well, it's not as if China can't get its nuts somewhere else.

US President Donald Trump said on Saturday that steel imports would face a 25 percent tariff and aluminium 10 percent.

Stresses inside the White House?

The administration said the tariffs are necessary to preserve the American industries - and that imposing them is a national security imperative. He believes Trump's latest reference to the treatment of USA farmers suggests he will resume his attacks on Canada's supply-managed dairy system.

"Nafta, which is under renegotiation right now, has been a bad deal for USA".

In announcing the tariffs, Trump followed through on campaign promises to crack down on imports that he argues have decimated USA manufacturing.

Meanwhile, David Harrison said he can't understand how creating duties will benefit either country.

Of course, it's very early and we do not know where rhetoric out of Washington ends and protectionist action begins, nor do we know any concrete reactions the world may have (if any - very likely there would be), against any Trump tariffs.

28% of independents supported the tariffs, while 55% said they were against them.

Trump administration officials frequently refer to the deficit in goods alone, excluding the offset from dominant United States services exports such as banking and insurance.

Speaking specifically about the European Union, the President said if Europe retaliates against new tariffs, then he would slap a 25 percent tariff on cars produced in Europe, and sold in the United States, the second time he has made that trade threat. On his first day in office in January 2017, he withdrew from the 14-nation Trans Pacific Partnership agreement, a deal that was dead on arrival in the U.S. Congress in any case. He remains confident a trilateral deal will eventually be inked.

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

Exports - which totaled $172 billion in 2017, 11 percent of the US total - are a big part of our economy. "Trade shrinks as countries pile on barriers in an effort to remedy some grievance, with consumers paying the price".

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