ibusinesslines.com March 24, 2018

Trump says tariffs will be applied 'in a loving way'

07 March 2018, 06:49 | Melissa Porter

House GOP leaders hold press conference amid disputes over tariffs -- live updates

EDITORIAL: Trump could blunder his way into a trade war

U.S. Speaker Paul Ryan is calling on President Donald Trump to take a "surgical, more targeted" approach when implementing hefty taxes on steel and aluminum imports or the U.S. could face "unintended consequences".

In a statement quoted by U.S. media outlets, Mr Ryan's spokesperson said: "We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan".

Ryan notes through his spokeswoman that the new tax overhaul "has boosted the economy and we certainly don't want to jeopardize those gains".

Sweden's Electrolux, Europe's largest home appliance maker, has reportedly delayed a planned US$250 million investment in Tennessee after Trump's tariff hike.

A White House representative did not respond to a request for comment on Trump's statement. "And it's been a very, very unfair trade situation". While his rhetoric has been focussed on China, the duties will also cover significant imports from Canada, Mexico, South Korea, Japan and the European Union (EU).

The stock market drop reflected a bigger concern: a possible "trade war" if other countries hit by the tariffs impose tariffs in retaliation, sparking a back-and-forth of rising tariffs that hurt the growth of economies.

A major aluminum trade group is telling President Donald Trump that it's "deeply concerned" about the effects of global tariffs on aluminum production.

In a dramatic split from their party's leader, Republicans and conservative groups have begun targeting with scorched-earth potency President Donald Trump's decision to introduce new tariffs, arguing that they would be a disaster for the USA economy and American workers.

According to a news release from the Prime Minister's Office, "The prime minister also registered his serious concern about the USA administration's proposed tariffs on steel and aluminum". Also, Canada must treat our farmers much better.

Ryan dashed investors' hopes that he and top GOP leaders would put pressure on the Trump administration to abandon the tariffs.

Opponents charge that the tariffs could destroy more jobs than they create, risk alienating USA allies and that American consumers will end up paying more for a range of products from cans of beer to cars.

"We don't know yet", Portman added.

Malmstrom said the European Union would wait for the final decision, but added: "We are of course preparing".

President Trump himself took to Twitter to claim "trade wars are good". The source also suggested the U.S.is anxious to conclude the trade negotiations. If at all the trade war breaks out, the USA will turn out to the biggest casualty.

Final details of the tariff plan aren't yet known, and foreign allies have been lobbying Trump over the phone to narrow the scope of his trade decision.

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