Stocks soar as trade war fears ease

Trump holds a meeting on steel and aluminum tariffs at the White House in Washington

Image Mr Trump wants to impose stiff tariffs of 25% on steel and 10% on aluminium imports

U.S. House Speaker Paul Ryan on Monday urged the Trump administration not to move forward on new tariffs on steel and aluminum announced last week, citing the risks to the economy. White House trade adviser Peter Navarro told CNN Sunday that no country will be excluded from the tariffs. "But, I think the smarter way to go is to make it more surgical and more targeted".

Canada, which has the most to lose as the top source of U.S. steel to the United States market, has called the tariffs "unacceptable".

President Trump threatened to slap tariffs on European cars on Tuesday, the latest escalation of trade disputes amid a growing concerns that his steel and aluminum tariffs could evolve into a full-blown trade war.

The president's plan has been widely attacked by fellow Republicans, economists and other countries - with the European Union vowing to slap duties on such US products as bourbon, blue jeans, orange juice, cranberries, rice, and motorcycles.

'In some cases we lose on trade plus we lose on military, ' he said, mentioning the nation's military costs.

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"The president thinks that we need to expedite the process", the White House press secretary stated when asked by a reporter if POTUS wants to "take guns from people who are unsafe before due process".

President Trump cited European Union restrictions and how they impede USA exports to the region. If they're not going to make a fair NAFTA deal, we're just going to leave it this way.

"They can do whatever they'd like".

He singled out the European Union in particular, saying barriers on trade made it hard for U.S. goods to enter the bloc.

"For me, it is crucially important that we have this free trade", he said. Wrong!" Trump wrote. "People will always come & go, and I want strong dialogue before making a final decision.

"We're doing tariffs on steel".

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Australia wicketkeeper Tim Paine also moves in to block Warner before his captain Steve Smith ushers the opening batsman away. The South Africans did not deny that de Kock had made personal barbs towards Warner.

'So, we're doing tariffs on steel, ' Trump said.

Not coincidentally, this would also fulfill a major campaign promise to blue-collar workers to bring back numerous industrial jobs lost to foreign imports over the last few decades.

Top American allies, including Canada and the European Union, have pledged to retaliate if Trump follows through on the plan.

Trump said the measures were necessary to balance global trade deficits.

The stock market drop reflected a bigger concern: a possible "trade war" if other countries hit by the tariffs impose tariffs in retaliation, sparking a back-and-forth of rising tariffs that hurt the growth of economies. Moreover, the costs for the U.S. and the world far outweigh the benefits that can be had from them. Goldman's report came as White House economic adviser Gary Cohn is summoning executives from US metals users to meet with the president on Thursday to fight the curbs.

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President Donald Trump and Vice President Mike Pence stands next to Harley Davidson motorcycles after meeting with Harley Davidson executives at the South Lawn of the White House in Washington U.S., February 2, 2017.

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