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Trump Is 'Not Backing Down' on Tariffs Plan

12 March 2018

"No, we're not backing down", Trump said in the Oval Office during a meeting with Israeli Prime Minister Benjamin Netanyahu.

Strong's comments marked an unusual public break between Ryan and the president and came after other congressional Republicans criticised Trump's plans for tariffs.

"Unless they can do something for us, as an example if the European Union takes off some of the frightful barriers that make it impossible for our product to go into there, then we can start talking, otherwise we'll leave it the way it is", he said.

"We (BHP) will live and die by what happens with free trade", he said.

Meanwhile, Bloomberg reports that sources say White House Economic Advisor Gary Cohn, who opposes the tariffs, wants executives from American companies that rely on aluminum and steel to meet this week with the president.

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There was great uncertainty surrounding Trump's announcement last Thursday, with top officials expressing confusion about what exactly it would entail or how specific he would be.

Trump added that the USA has been "ripped off by virtually every country in the world, whether its friend or enemy".

"Trading partners would be permitted to retaliate by a collective amount of $14.2 billion per year", according to Bown, using the Trump administration's own models to calculate the estimate. "I'm not saying we have to shoot back, but we must take action".

"There is clearly abuse occurring; clearly there is overcapacity, dumping and transshipping of steel and aluminum by some countries, particularly China", the Wisconsin Republican said.

Mr Trump has said North American neighbours Canada and Mexico would not get any relief from his plan to place the tariffs on the imports, but suggested he might be willing to exempt the two longstanding allies if they agreed to better terms for the North American Free Trade Agreement (NAFTA). He has since dug in deeper on the plans, defending them in a string of posts on Twitter.

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Ah yes, how far will Republicans go to stand up to Trump? It's not just the US economy that will suffer: The tariffs would punish some of America's closest allies, including NAFTA partners and the EU.

Trump vowed last week to impose a 25 percent tariff on steel and 10 percent on aluminum imports to the USA, sending global markets into a dive that saw the sell-off of shares in companies producing those commodities.

The EU is already preparing 25 percent retaliatory tariffs on $3.5 billion worth of imports from the U.S. "There comes a point where you have to stand up for fair trade and do what's right". He is expected to finalize the tariffs later this week.

The Constitution gives Congress the authority over taxation and tariffs, but Congress has delegated trade negotiation and tariff authority to the president over recent decades.

All three countries have been mired in trade talks since last August that were sparked by Trump's insistence that NAFTA has been a raw deal for American manufacturing workers.

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Trump Is 'Not Backing Down' on Tariffs Plan