Trump says the tariffs are needed to balance the playing field and punish nations that violate existing trade agreements, which adds to the US trade deficit and erodes American jobs. It's not just the USA economy that will suffer: The tariffs would punish some of America's closest allies, including NAFTA partners and the EU. Massive relocation of companies and jobs.
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Once again, Canada and other nations hold their breath as they wait to see just how much unnecessary damage U.S. President Donald Trump is prepared to do in the name of so-called "winning". "Millions of people addicted and dying".
"People have to understand, our country on trade has been ripped off by virtually every country in the world", even by "people that we think are wonderful", Trump said Monday.
US Speaker of the House Paul Ryan said he was "extremely worried" about the impact of a trade war, adding that it could undermine economic gains.
Mexico and Canada were exempted when former President George W. Bush imposed steel tariffs in 2002. Kim plans to meet with senior officials and lawmakers, including U.S. Trade Representative Robert Lighthizer.
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The real increase in customs tariffs is not so painful for China, as in 2017 the imports of steel and aluminum in the United States are worth about 4 billion Euro.
Retaliation for Trump's steel and aluminum tariffs, which the White House has signaled could drop as soon as this week, could come much faster. "The president has been committed and talked about this for many years".
"I don't think so; I don't think you're gonna have a trade war, no", he said.
Trump told reporters on Monday that he was "not backing down" from the proposed tariffs despite promises of retribution from other countries and warnings from leaders of his own political party.
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"We have large trade deficits with Mexico and Canada". The burden of these tariffs, as always, will be passed on to the American consumer.