LOC23:39
20:39 GMT
WASHINGTON, March 5 (KUNA) -- Despite strong international and domestic opposition to his plans to impose tariffs on steel and aluminum imported into the US, President Donald Trump on Monday said the US is "not backing down," and that he does not believe his actions will spark a trade war.
Trump indicated that the imposition of those tariffs, which he surprisingly announced last week, might be partially dealt with through renegotiation of the North American Free Trade Agreement (NAFTA).
"We are renegotiating NAFTA, as I said I would, and if we don't make a deal, I'll terminate NAFTA," Trump said in answer to questions during an Oval Office visit with Israeli Prime Minister Benjamin Netanyahu.
"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. It will be tariffs on steel for Canada and for Mexico. So we'll see what happens."
Trump's statement last week that he would this week order 25 percent tariffs on imported steel and 10 percent tariffs on imported aluminum startled leaders of Trump's Republican Party, who strongly oppose such tariffs.
Congressional Republicans have begun taking steps to try to stop Trump, arguing that imposing tariffs damages their economic agenda and could cause political problems for Republicans in the midterm congressional elections in November.
"We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan," AshLee Strong, a spokeswoman for Republican House Speaker Paul Ryan, said in a statement Monday.
"The new tax reform law has boosted the economy, and we certainly don't want to jeopardize those gains."
Asked about the possibility of a trade war, Trump said Monday, "I don't think so. I don't think you're going to have a trade war, no."
"People have to understand, our country on trade has been ripped off by virtually every country in the world, whether it's friend or enemy, everybody -- China, Russia," Trump said.
The European Union has tariffs as well as trade barriers that are "far worse than tariffs," he said.
"And if they want to do something (such as retaliate with their own tariffs), we'll just tax their cars that they send in here like water."
During "the last number of years," the US has lost USD 800 billion a year on trade, he said, pledging that this will no longer happen.
The biggest problem is China, he said, adding, "We lost (USD) 500 billion. How previous presidents allowed that to happen is disgraceful, but we're going to take care of it." (end)
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