Paul Ryan Tax Cut Showcase Upstaged by Trump Tariff Announcement

I understand that it's a challenge on the campaign trail, certainly, it's often easier to point to a shuttered factory and blame trade or immigration or some other convenient scapegoat other than what is usually the case, it's modernization or mechanization or something that has meant that we have increased productivity-productivity or the best allocation of capital to facilitate trade.

Many Republicans hold that imposing tariffs on steel and aluminum are an abuse of this law and are pushing to restrict it. "You can be pro-growth, you can be pro-tariff, but you can't be both".

Ryan added in a separate statement that he is anxious Trump's decision will have "unintended consequences". And we want to work with the administration to do that,"Ryan said".

Tim Phillips, the president of Americans for Prosperity, also condemned the tariffs as "disappointing" and a threat to the economy.

Walker on Thursday repeated his call for Trump to reconsider, saying "these tariffs will negatively impact key industries and employers in Wisconsin". S&P Global Platts estimates that only 2% of steel imports into the U.S. come from China.

"The proposed tariffs can provide a countervailing force against these foreign subsidies and protect American metal producers until a comprehensive solution is found", Bivens added.


"Tariffs undermine free markets and free societies, whether they are imposed across the board or are narrowly tailored to manipulate certain sectors of the economy", Phillips said in a statement.

An economics professor interviewed by ABC News provided a picture of what might be expected from the tariffs.

"If we fail to do this and we continue to withdraw from the global marketplace, we're going to be left far behind", Flake said, pointing to the Trans-Pacific Partnership as an example.

"If there's a trade war and in response, tariffs are raised, that could even push down our supply in steel because it pushes down the demand", Professor Dempsey added.

"President Trump has done so much. Steel is steel, you don't have steel you don't have a country", Trump said. The president rolled out the tariffs Thursday, extending an initial exemption to Canada and Mexico while raising the possibility of exemptions for other countries that renegotiate their trade policies with the United States. "We're finally taking action to correct this long overdue problem".

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