Senior Republican Paul Ryan 'extremely worried' about Trump's tariffs plan

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Trump announced Thursday that the USA would soon impose new tariffs, which act as a tax on imports, of 25% on steel and 10% on aluminium.

In tweets earlier Monday, Trump also doubled down on his pledge to enact the new tariffs, saying any exemptions for border countries Canada and Mexico would be part of "new and fair" trade agreements. "Massive relocation of companies & jobs", Trump wrote.

Republicans and conservative groups have come out strong against President Donald Trump's proposed new tariffs. In another tweet, Trump said Canada must treat American farmers much better. Millions of people addicted and dying, ” Trump alleged. "We're going to take care of it", he said.

White House press secretary Sarah Huckabee Sanders said on Monday that Mr Trump was "very confident" the United States would win any trade war.

"I don't think we'll have a trade war", the president said.

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Mr Mackenzie said free trade was the "lifeblood and promoter of health" of the global economy, and he expects it to flourish despite the recent developments in the US. White House trade adviser Peter Navarro said on CNN's "State of the Union" on Sunday that no countries will be excluded from the tariffs.

Trump believes that because the United States buys more from other countries than it exports, there is a huge trade imbalance that disadvantages US workers and companies. "Tariffs will also harm the pro-growth effects of the tax cuts, stall the economy, incite a trade war, and help hand the election to the Democrats". He has vowed to use whatever tools necessary to change this, but many economists and others warn that tariffs and protectionist policies could hurt the overall US economy.

Facing backlash from foreign leaders around the world and lawmakers at home, Trump threatened over the weekend to place tariffs on European cars and suggested it was time for the U.S.to "change" its steel and aluminum industries.

Asked about Ryan's comments, Trump told reporters later on Monday: "No, we're not backing down". Canada is the largest importer of steel to the U.S., making up 16% of all imports, while Mexico has about 9% market share, ranking it fourth.

"A tariff meant to support USA industry may end up boosting margins and investment for a small subset of producers while leaving the broader economy at a disadvantage via higher costs". The burden of these tariffs, as always, will be passed on to the American consumer.

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