Donald Trump's tariff plan comes under fire from Republican allies

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Hatzius also said the administration's tariff proposal "does not rely on any economic argument and instead imposes trade restrictions on national security grounds".

"I'm not going to go into our private conversations", he said.

When asked if he's concerned that a trade war may erupt, the president said he doesn't believe it's likely.

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

Her statement came after Ryan's office circulated a CNBC article attributing the decline in the stock market early Monday morning to tariff concerns.

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As he met with Israeli prime minister Benjamin Netanyahu, Trump said: "Our country on trade has been ripped off by virtually every country in the world, whether it's friend or enemy". On Monday afternoon, Trump said that the USA has been "ripped off by virtually every country in the world, whether it's friend or enemy", but said the "biggest problem" is China.

"We're not backing down", he told reporters on Monday. Ben Sasse said Friday.

"I don't think we'll have a trade war", he continued.

President Donald Trump on Monday further expanded his personal trade war, telling Canada and Mexico that he would only consider lifting possible tariffs on steel and aluminum if they concede to White House demands for renegotiating the North American Free Trade Agreement.

That is just the kind of tit-for-tat reaction that economist warn could spark a trade war at a time when the USA and global economies have only recently returned to firmer footing. Negotiators had hoped to wrap up their work with an eighth and final session by the end of March, but officials say they will not now meet that deadline.

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Trump doubled down amid the firestorm on Thursday, tweeting that "trade wars are good and easy to win" and proposing "reciprocal taxes" on all goods from exporting countries which place duties on imports of United States products. Lindsey Graham said the sweeping action would let China "off the hook".

"Our Steel and Aluminium industries are dead".

Trump also has defended the move. "And we have to protect American workers".

The president was continuing a theme he began late Sunday when he tweeted about trade deals and his plan on tariffs.

Navarro did say that there is a small hope for Canada to be exempt from this tariff mandate.

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Report put out by the Trade Partnership, which is also a consulting firm that does research on worldwide trade, predicts that while there will be an increase in aluminum and steel-based jobs in the USA because of increased demand, that jump would be far smaller than the number of jobs that would be lost in other sectors as a result of the increased cost of working with steel and aluminum.

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