Paul Ryan urges Trump not to advance with tariffs: spokeswoman

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"And we need to use it wisely", warned the founder and president of Americans for Tax Reform.

The stock market's love affair with the Trump economic agenda was tested last week after the president's surprise announcement that he would slap tariffs on imports of steel and aluminum.

"We are on the losing side of nearly all trade deals. For many years, NAFTA's been a disaster".

Industries that are large users of steel and aluminum have been especially vocal in their opposition to the tariffs, including automakers, aerospace companies and others.

"Sorry, it's time for change!"

The steel and aluminum tariffs were recommended by Commerce Secretary Wilbur Ross after a report from his agency concluded that the glut of the metals on global markets was a threat to USA national security.

"This is a matter where all Governments in the world are fully entitled to press the incumbent administration on what should happen, and most particularly nations like ours who, we are told, are key strategic allies in the United States". Canadian Finance Minister Bill Morneau said the country was negotiating on NAFTA with a partner that has "changed the terms of the discussion". They argue that other industries that rely on steel and aluminum products will suffer.

French President Emmanuel Macron said Monday the European Union must "react quickly" to USA plans that clearly breached global trade rules.

Trump's tariff announcements has already received angry responses from global leaders, with the European Union saying that they will impose tariffs on $3.5 billion worth of USA imports, as per Reuters.

President Donald Trump says "we're not backing down" on his push to impose tariffs on imported steel and aluminum despite criticism from fellow Republicans.

The European Union has said it is drawing up measures against leading USA brands like Harley-Davidson and Levi's jeans.

Canada, which has the most to lose as the top source of U.S. steel and aluminum imports, has called the tariffs "unacceptable".

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President Donald Trump is embracing the potential for a trade war after announcing his intent to place tariffs on imported steel and aluminum, as he rebuffs allies who have pushed to be exempted from the stiff duties.

"Sure there may well be some sort of retaliation, but the amounts that they're talking about are also pretty trivial".

"It's some $3 billion of goods that the Europeans have threatened to put [tariffs] on", the commerce secretary said.

Stocks in Shanghai edged up after Beijing set an annual growth target for the world's No. 2 economy of "around 6.5 percent" for 2018. "So while it might affect an individual producer for a little while, overall it's not going to be much more than a rounding error".

Trump administration officials frequently refer to the deficit in goods alone, excluding the offset from dominant USA services exports of things like banking and insurance.

"If the USA tariffs prompt retaliation from other countries and triggers a trade war, aluminium output will eventually shrink as producers will be making products only to meet local demand", Tabata said. The final form that the steel and aluminum tariffs take won't be known for at least a few more days.

Trump has shrugged off such concerns, and again rebuffed them Monday after Republican House Speaker Paul Ryan urged the president not to pursue the plan.

Canada accounts for 40 percent of USA aluminum imports and 16 percent of its steel imports, making it far and away the biggest United States supplier.

Most experts believe that if the US tariffs are limited to steel and aluminum, the economic damage is likely to be relatively small.

In Beijing, the spokesman for the National People's Congress warned that "policies informed by misjudgment or wrong perceptions will hurt relations and bring consequences no side wants to see".

"We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", Mr Ryan's spokeswoman AshLee Strong said.

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