Republican pushback on tariffs gathers steam as Trump stands firm

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

Aside from commenting on trade at the Tuesday press conference, Trump also took questions on Russia's interference in the 2016 election and staff turnover in the White House.

Republican leaders of the House Ways and Means Committee are circulating a letter opposing President Donald Trump's announcement that he'll boost tariffs on imported steel and aluminum. They're already seeking waivers, but his trade adviser says there will be no exemptions.

"That was, as I understand it, not the announcement", he said, referring to the Thursday event - a meeting with industry executives - in which Trump announced a 25 percent tariff on steel imports and a 10 percent one on aluminum.

The news conference also provided Trump an opportunity to weigh in on upcoming talks between North and South Korea, which were announced Tuesday.

Canadian Prime Minister Justin Trudeau called Mr Trump on Monday to tell him the tariffs would be an impediment to talks on updating Nafta, a Canadian government official said.

The rest of the world has not reacted kindly to President Donald Trump's desire for a 25 percent tariff on imported steel and a 10 percent tariff on aluminum. That's the thing with trade wars - they can escalate quickly and easily spin out of control.

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To be fair, the USA is the least protectionist large economy in the world and singling it out might seem hypocritical, especially by more protectionist nations. "I encourage the president to carefully consider all of the implications of raising the cost of steel and aluminum on American manufacturers and consumers".

The tariffs proposed would primarily hit longtime USA allies Canada, Britain, Germany, South Korea, and Japan.

"The European Union has not treated us well", he added. The Trump administration also cited national security interests for implementing the tariffs, saying the military needs a domestic supply for its tanks and ships.

Experts say Trump's tariffs could hinder an already hard NAFTA renegotiation process.

But the speaker says there's a "smarter way to go" and Republicans are trying to convince Trump to "go after the true abusers without creating any kind of unintended consequences or collateral damage". "It's tough. I like conflict, I like having two people with different points of view, and I certainly have that and then I make a decision".

Among the falling steel stocks, Chung Hung Steel Corp. had lost 8.46 percent at NT$12.40 and Sheng Yu Steel Co. had fallen 3.02 percent to NT$27.25 as of 11:53 a.m. because the U.S.is their main flat steel sheet market.