May voices tariff worry to Trump

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British Prime Minister Theresa May raised her "deep concern" at the tariff announcement in a phone call with Trump Sunday. "There will be no country exclusions", Navarro tells CNN.

Trade Minister Steve Ciobo will join his counterparts from 10 countries for the Trans-Pacific Partnership signing ceremony in Chile on Thursday and expects the USA action to be discussed on the sidelines.

"As soon as you exempt one country, then you have to exempt another country, and so it's a slippery slope". We believe this aggressive trade action is primarily driven by President Trump's personal desire to appear tough.

While other lawmakers like Sen.

South Carolina Senator Lindsey Graham (Republican) said the imposition of tariffs would drive a wedge between Washington and its allies.

Downing Street released a readout of the call between the two leaders, but the White House has yet to provide its version of the conversation.

And Finance Minister Bill Morneau said he had spoken with U.S. Treasury Secretary Steven Mnuchin, a more moderate member of the administration. "We tried in Britain in the 60s and 70s protecting our auto industry from competition", he said. He was challenged by interviewers on both his math and his premise.

German Chancellor Angela Merkel's spokesman warned the tariffs could lead to a global trade war which "can't be in anyone's interest".

Last year, Germany's automotive trade association said "the United States would be shooting itself in the foot by imposing tariffs or other trade barriers".

Unite national officer for steel Tony Brady said: "US tariffs on United Kingdom steel would be devastating for the British steel industry and the thousands of workers who have battled for its survival, alongside their trade unions".

Investors across global markets remain on edge this week after a surprise announcement came from the US administration last Thursday.

"We expect that goal is aggressive given the lack of progress on reviewing the legal and procedural elements of any proposed tariff, so it is possible the administration will be unable to finalize tariffs within that timeframe". "The reason why the president is doing this is because if he doesn't do this, we will lose our ... aluminum industry very quickly, and our steel industry very quickly thereafter". "They've banded together in order to beat the United States in trade". But Navarro says Trump decided on wide-ranging import charges because he seeks to boost American manufacturers. Larry, Steve, they can have their points of view, and I agree with that, but they're dead wrong on the economics. Steel and aluminum are used to manufacture anything from cars to cans. Additional details about the tariffs are expected next week.

"I have not heard him describe particular exemptions", Ross said.

That followed similar equivocation by Sarah Huckabee Sanders, the White House spokeswoman, who was asked on Friday whether Mr. Trump was committed to the tariffs he announced in a hastily arranged meeting on Thursday.

"Gary Cohn has been a big participant in the inter-agency process that came to this conclusion", Ross told ABC's "This Week".

"Whatever his final decision is, is what will happen", Mr. Ross said on NBC's "Meet the Press". "What he has said, he has said; if he says something different, it'll be something different".

Also Friday, the Commerce Ministry expressed "grave concern" about a trade policy report sent to the U.S. Congress by the White House this week that accuses China of moving away from market principles. But even if tariffs save every one of the 140,000 or so steel jobs in America, it puts at risk 5 million manufacturing and related jobs in industries that use steel.

Trump should continue to make American producers more competitive in global markets through tax, regulatory, energy, and other pro-America policy changes that bring jobs and capital back to the United States.

He argues that the "down $100 billion with a certain country and they get cute, don't trade anymore-we win big".