How Trump's planned steel, aluminum tariffs affect you

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The idea of the tariff is to stop our reliance on Chinese imports, and return jobs and money to the U.S. That's just the foreign trade part.

Ben Sasse said the tariffs "will kill American jobs", while House Speaker Paul Ryan's office sent out an email Monday tying early stock market declines to tariff concerns. In the immediate aftermath, Australian Trade Minister Steve Ciobo told local media that he was "seeking urgent clarification" from us officials to see if Australia would be exempt.

Any exemptions would ultimately be a decision for Trump, Ciobo said.

Canadian and Mexican officials had raised the possibility the neighboring nations could be exempt, but Trump rejected that possibility and raised the stakes by holding the NAFTA talks hostage to the tariffs.

Ryan and other Republicans have cited the numerous risks to the USA and global economy were the tariffs to be imposed, as many experts and analysts warn that a trade war could erupt in response. "That's in no-one's interests", Ciobo said. They have trade barriers that are worse than tariffs.

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Trump announced last week he was imposing tariffs of 25 percent on steel imports and 10 percent on aluminum, with formal action expected this week.

Here's a law he could easily induce the Republican majorities in both houses of Congress to pass perhaps even without debate: At least 80 percent of the steel and aluminum used in all military hardware purchased by the Department of Defense must be produced in America.

He warned that he was ready to ramp up import duties on European cars in the U.S., most of which come from Germany.

Business leaders are pressing for a meeting with Mr Trump to brief him on the negative repercussions of the tariffs on companies that use steel and aluminum, a source familiar with the matter said.

The planned tariffs have roiled world stock markets as investors anxious about the prospect of an escalating trade war that would derail global economic growth. Our Steel and Aluminum industries are dead.

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Trump took aim at the European Union at his news conference with Swedish Prime Minister Stefan Lofven, saying the bloc had treated the United States unfairly on trade.

Speaking on "Fox and Friends", White House trade adviser Peter Navarro said: "25 per cent on steel, and the 10 per cent on aluminium, no country exclusions - firm line in the sand".

Trump triggered global alarm last week when he announced he would sign off on measures created to protect U.S. producers, and defiantly swatted back at critics by saying trade wars are "good, and easy to win". Rep. Brad Wenstrup, R-Ohio, told ABC News that colleagues are adding their signatures to a letter to President Trump conveying their position and Sen.

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

Efforts by Mr Trump and USA trade negotiators to link the Nafta trade pact talks to the duties received short shrift from Ottawa and Mexico City.

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