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Stocks soar as trade war fears ease

Stocks soar as trade war fears ease

"We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", AshLee Strong, a spokeswoman for House Speaker Paul Ryan, R-Wis., said in a statement Monday.

"The president has made it clear that without a steel industry, without an aluminum industry, we don't have a country", Mr. Navarro said on Fox Business.

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

But he suggested that he might be willing to exempt the two countries if they agreed to different terms for the North American Free Trade Agreement, or NAFTA.

"We're working on NAFTA, if we're able to make a deal with Canada and Mexico on NAFTA, there will be no reason to do tariffs with Canada and Mexico", he said. "How much further proof do we need that the USA government is bargaining in bad faith?"

Canada still can hope for a last minute exemption as it was done in 2002 when then US President George W. Bush had imposed a tariff on steel imports. Finance Minster Bill Morneau also said recently that Canada has been "firm" in its opposition to tariffs. "We're going to take care of it", he said.

On Friday, he tweeted that "trade wars are good and easy to win" - one of his most ridiculous tweets ever, which is saying a lot.

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Trump's remarks have sparked-off a chorus of condemnation around the world from countries concerned about the economic impact of a trade war.

"No, we're not backing down", Trump said in response to questions about the proposed new tariffs.

"Whether it's friend or enemy", Trump said in the Oval Office Monday.

If Trump follows through with a 25 percent tariff on steel imports and a 10 percent duty on aluminum, it will mean job losses. But the idea behind Juncker's response is to appear as "stupid" as Trump, in order to get him to back down, by giving other US industries a reason to lobby against the steel/aluminum tariffs.

Trump made it clear during his campaign that he was unhappy with US trade deficits and planned to do something about them. "For many years, NAFTA has been a disaster".

"With this, the declaration of (a trade) war has arrived", said German politician Bernd Lange, who heads the trade committee at the European Parliament.

Trump administration officials frequently refer to the deficit in goods alone, excluding the offset from dominant U.S. services exports of things like banking and insurance. More than six million are employed in businesses, like the auto sector and construction, that use steel and aluminum. "Make no mistake: If the president goes through with this, it will kill American jobs - that's what every trade war ultimately does".