China may turn the high U.S. steel duties in its favor

President Trump speaks during a meeting with steel and aluminum executives in the Cabinet Room on Thursday

President Trump speaks during a meeting with steel and aluminum executives in the Cabinet Room on Thursday

Speaking on a Fox news program, White House trade adviser Peter Navarro said: "25 percent on steel, and the 10 percent on aluminum, no country exclusions - firm line in the sand".

"Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed", Trump tweeted.

He made the comments as the United States, Canada and Mexico were wrapping up their latest round of talks on revamping the 1994 NAFTA deal, and as U.S. and world shares dipped again, partly on concerns that Trump's tariff plan could spark a global trade war.

Goldman wrote: "By imposing across-the-board tariffs to all steel and aluminum imports, the larger economic impact is on Canada, Mexico and the European Union, and it ironically eases the economic impact to China and Russian Federation".

It was not clear whether that meant he wouldn't impose tariffs on just Mexico and Canada or all foreign imports of aluminum and steel. Millions of people addicted and dying, ” Trump alleged.

Trudeau was quoted by CBC News, "We will continue to engage with all levels of the American administration in the coming days so that they understand that this proposal is unacceptable".

Trump's remarks have sparked-off a chorus of condemnation around the world from countries concerned about the economic impact of a trade war.

"No, we're not backing down", Trump declared despite being directly asked of Ryan's statement expressing alarm at the tariffs.

"Changes to the existing tariff structure could negatively impact our current USA production and further expansion", Hyundai spokesperson Jim Trainor said, implying that the tariffs could limit Hyundai's building of cars in the US.

Senate Finance Committee Chair Orrin Hatch (R-UT) said the tariffs are "not going to help America" and whoever recommended them to Trump should be "reprimanded".

Retaliation for Trump's steel and aluminum tariffs, which the White House has signaled could drop as soon as this week, could come much faster.

The executive arm of the European Union reportedly plans to target $3.5 billion of goods imported from the United States, including T-shirts, whisky, motorcycles and ladders, if Trump decides to implement global duties on steel and aluminum. "This would place the US automotive industry, which supports more than 7 million American jobs, at a competitive disadvantage".

Mr Trump's announcement last week that he would tax imported steel and aluminium has prompted worldwide reaction. Some American producers, including those that make bourbon, blue jeans and Harley Davidson motorcycles, worry that a trade war with Europe and other nations will harm their exports.

Exports - which totaled $172 billion in 2017, 11 percent of the US total - are a big part of our economy. "We believe in free trade", the official added.

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