Donald Trump: 'We're Not Backing Down' on Tariffs

The Impact of Tariffs and Trade Wars on the US Economy and the Dollar

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

"We are on the losing side of nearly all trade deals", Trump tweeted on Sunday. "The president has been committed and talked about this for many years".

Additionally, few Americans agreed with Trump that a trade war is "good, and easy to win".

"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.

In a trade war, all sides lose. So are fellow Republicans, including House Speaker Paul Ryan. Opponents argue that the new measures could erase economic gains from a recent corporate tax reduction.

Canada and Mexico have pushed back against President Donald Trump's suggestion that steel and aluminium tariffs could be waived if they signed a new and "fair" NAFTA deal, setting the stage for a tense end to the latest talks to update the trade pact. According to reports, negotiators have worked through about five of the 30 major areas that make up NAFTA.

Foreign Affairs Minister Chrystia Freeland said she has been pressing for Canada to be excluded from any steel or aluminum tariffs.

The president added he is right now "100 percent" following through with his plan to impose the new controversial tariffs.

Navarro said Monday on "Fox &Friends" 'if we get a great NAFTA agreement. that would be a great thing for the American people'.

The Impact of Tariffs and Trade Wars on the US Economy and the Dollar

US President Donald Trump on Monday denied "backing down" on his decision to impose a 25% import duty on steel and another 10% on aluminium. And you'll have protection for a long time in a while.

Earlier on Monday, Ryan's office blasted out a CNBC article that linked a drop in the markets to Trump's planned tariffs.

About 140,000 Americans work in the USA steel and aluminum sectors.

It's the latest indication of resistance to Trump's plan by Republicans in Congress.

"It's some $3 billion of goods that the Europeans have threatened to put [tariffs] on", the commerce secretary said. In our size economy, that's a tiny, tiny fraction of 1 percent. "So while it might affect an individual producer for a little while, overall it's not going to be much more than a rounding error".

"Canada would view any trade restrictions on Canadian steel and aluminum as absolutely unacceptable", the statement read.

Trump spoke Saturday night at the annual Gridiron Club dinner in Washington, D.C.

"There is some steel manufacturing in Alberta, so yes there will be some impact", he said.

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