President Donald Trump’s plan to impose a 25% tariff on imported steel and a 10% tariff on aluminum have lit a fire. The policy might be made official this week.
Corporate America warns Trump that such tariffs could backfire. Business Roundtable, a lobbying group, says the national security justification is a stretch. The group also cautions that it could ignite a trade war if other countries retaliate with tariffs of their own.
China says it will “take necessary measures to defend our rights” should Trump go forward with the tariffs.
Chinese Vice Foreign Minister Zhang Yesui says the country “does not want a trade war with the United States” but warns it will “not sit idly by and watch China’s interests being harmed.”
Amid questions about whether Trump will follow through on his tariff plan, Commerce Secretary Ross tells NBC he has does not believe the president will change his mind. “The president has announced that this will happen this week. I have no reason to think otherwise,” he said.
White House trade adviser Peter Navarro quashes speculation that Trump may exempt some US allies from the tariffs. “There will be no country exclusions.”
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