On Monday, President Donald Trump said that he is not willing to reverse the tariff decision, which will increase the tariffs on steel and aluminum by 10% and 15%, respectively. President Donald Trump said that current North American Free Trade Agreement (NAFTA) deals are not in favor of United States and by increasing tariffs, American manufacturing companies could grow again. Addressing reporters at White House, President Donald Trump said that, “No, we’re not backing down,” he said that the U.S. “has been ripped off by virtually every country in the world, whether it’s friend or enemy,” on trade.
Reporters asked if the tariffs move would incite a global trade war, but President Donald Trump said that “I don’t think you’re going to have a trade war.”
Some of the Republicans in the Congress are opposing the President, and want him to go back on his decision. However, the President stands firm on his ground in order to promote American manufacturing industry. In a rare move, Speaker Paul Ryan (R-Wis.) publicly rebuked the president’s decision to levy the tariffs against imported steel and aluminum.
Paul Ryan, Speaker (R-Wis) rebuked the president’s decision to increase tariffs on steel on aluminum. According to Ashlee Strong, Spokeswoman for Ryan said on Monday in a statement that, “We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan.” She further added that “The new tax reform law has boosted the economy and we certainly don’t want to jeopardize those gains.”
President Donald Trump tweeted earlier that, “When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win.”.
The President also said that he would consider dropping the penalties if neighboring countries broadened their trade pacts, saying that, “I would imagine one of the points we will negotiate — tariffs on steel for Canada and for Mexico,” said the President, adding, “Right now, 100 percent. But it could be a part of NAFTA.”
Orrin Hatch, Senate Finance Chairman, a Utah Republican said last week, “Tariffs on steel and aluminum are a tax hike the American people don’t need and can’t afford.” Hatch urged the President to “carefully consider all of the implications of raising the cost of steel and aluminum on American manufacturers and consumers.”
According to Sarah Huckabee Sanders, White House spokeswoman, President Donald Trump is protecting industries that are “the backbone of this country” and to “make sure we’re doing everything we can to protect American workers,” at a Monday briefing for reporters.
“We have a great relationship with Speaker Ryan, we’re going to continue to have one, but that doesn’t mean we have to agree on everything,” she said.
The President said in a tweet that, “Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed.”