Ryan, other conservatives fear trade war from Trump's tariffs

U.S. President Donald Trump has announced plans to impose steep tariffs on imports of steel and aluminum

"You know, when we're behind on every single country, trade wars aren't so bad".

"We lose USD 800 billion a year in trade".

That includes America's No. 1 supplier of both: Canada.

In a wide-ranging attack on the WTO, Trump labeled the international trade regulator a "catastrophe" last month.

"We are urging caution", McConnell said.

But asked to comment, White House press secretary Sarah Huckabee Sanders said, "Look, we have a great relationship with Speaker Ryan". 'And it's been a very, very unfair trade situation.

Assuming that other countries will not try to protect their territory is naïve.

Negotiators failed to make the progress expected in the latest round of talks on revamping the North American Free Trade Agreement, the top US trade official warned as President Donald Trump renewed his attacks on the deal.

We have large trade deficits with Mexico and Canada. "We lost $800 billion on trade", he said.

South Carolina Sen. Lindsey Graham is joining a growing number of Republicans and business groups in criticizing the president's tariff plans.

Senior White House adviser Jared Kushner and staff from the State Department and National Security Council will be meeting Wednesday with Mexico's president and foreign minister in Mexico City. However, if Canada cannot get an exemption, the government needs to be careful in how it responds.

"We are looking at possibilities to retaliate, meaning we will also put taxes or tariffs on US imports to the European Union".

The Trump administration is also considering clamping down Chinese investments in the US, besides imposing tariffs on a broad range of its imports, reported Bloomberg. "So this is a measured, targeted approach". The EU has already singled out American brands including Harley-Davidson (headquartered in Wisconsin), Kentucky Bourbon and blue jeans.

Mr Trump has decried the US trade deficit with other countries, which he has blamed on "very stupid trade deals and policies". Canada would say, 'National security exemption?

Earlier, Ryan - a Republican - had said that he was "extremely concerned" about the potential consequences of a trade war that might erupt as a result of the tariffs.

On the other side of the coin, protectionism per se is unacceptable from the point of view of the greater majority of economists, who regard it as harmful to consumers as products will be manufactured at higher costs. Graham says "China is winning and we're losing with this tariff regime".

"One of the reason I was elected is that I'm protecting our workers, I'm protecting our companies", the President said. He also said those asking Trump to back off the tariff plan are right to fear a trade war. And Trump's tariffs plan wouldn't actually hurt China, but instead inflict the most pain on Europe and Canada.

'So, we're doing tariffs on steel, ' Trump said.

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