Trump says new NAFTA deal for U.S. could avert tariffs

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According to a GOP source, Congress could consider legislative action related to the new tariffs if Trump follows through.

British Prime Minister Theresa May raised her "deep concern" at the tariff announcement in a phone call with Mr. Trump Sunday.

"NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A.", Trump tweeted. "Our friends and enemies have taken advantage of the U.S. for many years", he tweeted. "Trade wars are wars of choice [that] you didn't have to do".

Theresa May's plans for a quick post-Brexit trade deal with the United States have been thrown into doubt after Trump announced plans to launch a trade war with Europe. "We got 21. I don't think we would have gotten 21, down from 35, if he didn't say 15".

The tariffs will be made official in the next two weeks, White House officials said Monday, as the administration defended the protectionist decision from critics in Washington and overseas.

"We have large trade deficits with Mexico and Canada". "The new tax-reform law has boosted the economy, and we certainly don't want to jeopardize those gains".

Trump's contentious tariff announcement has raised apprehensions about retaliation from China and other major USA trading partners.

Mark Zandi, chief economist at Moody's Analytics, recently said that if trade tensions cause the U.S.to pull out of the North American Free Trade Agreement, it could cost the economy 1.8 million jobs.

"But if I do make a deal which is fair to the workers and to the American people, that would be, I would imagine, one of the points that we'll negotiate", Trump elaborated in his Oval Office comments.

"We are on the losing side of nearly all trade deals", Trump tweeted on Monday.

"And if they want to do something we'll just tax their cars that they send in here like water", he vowed.

Canadian Prime Minister Justin Trudeau, left, and Mexican President Enrique Pena Nieto make a toast following a meeting at the presidential palace in Mexico City on October 12, 2017.

On Thursday, he said steel imports would face a 25% tariff and aluminium 10%. That was because at that stage even senior members of the Trump administration hadn't been given the details of the President's plans.

Mexican President Enrique Pena Nieto and President Donald Trump hold a meeting on the sidelines of the G20 Summit in Hamburg, Germany, on July 7, 2017.

On the other hand, if these tariffs are the first shot in a prolonged trade war that spirals out of control, the economic damage could be far more severe.

"I know he's had conversations with a number of the world leaders", Commerce Secretary Wilbur Ross said on ABC's "This Week". "We invest over £500 billion in each others economies and over one million Americans work for United Kingdom companies, so you would expect us to remain close partners and continue to work at the highest levels to make the case for United Kingdom industry to the USA government".

"So while it might affect an individual producer for a little while, overall it's not going to be much more than a rounding error", he said.

Japan, which produced 2.07 million tonnes of rolled and extruded aluminium in 2017, exported about 27,000 tonnes to the US out of total exports of about 243,000 tonnes.

"Any restrictions would harm workers, the industry and manufacturers on both sides of the border", Freeland said. In addition to concern about higher prices, they said American jobs could be lost in industries that rely on steel and aluminum. "The Canadian government will continue to make this point directly with the American administration at all levels".

Kevin Brady, the Republican chairman of the U.S. House of Representatives Ways and Means Committee, which oversees U.S. trade policy, on Sunday said he expected the tariffs issue "to be front and center" at the meeting.


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