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Levi levy: European Union threatens 25% tax on iconic United States brands

Levi levy: European Union threatens 25% tax on iconic United States brands

President Donald Trump should take "surgical" action against countries that dump steel and aluminum in U.S. markets rather than follow through on a risky threat of global tariffs, Congress's top Republican said Tuesday.

Such fears have been heightened by White House trade adviser Peter Navarro, who told the US media that the president has no plan to exempt any countries from the tariffs which are expected to be implemented this week at the earliest, they said.

"I don't blame the countries", he said. "I blame our leadership for allowing it to happen".

Sen. Lindsey Graham, R-S.C., said Trump's campaign trail rhetoric against China's trade abuses was much more reflective of the situation's reality than his current proposal, which would affect Canada and Mexico more than it would China because those two countries export more steel and aluminum to the U.S.

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 USA products as bourbon, blue jeans, orange juice, cranberries, rice, and motorcycles.

But then he also predicted a peaceful resolution to any trade dispute: "We're going to straighten it out, and we'll do it in a very loving way". "Steel exports from Canada only represent six percent of the US domestic market".

Ryan, whose home state of Wisconsin could be hit by proposed counter-tariffs from the European Union, has consistently opposed the tariffs and called for "more surgical and more targeted measures".

"They can do whatever they'd like".

"The European Union has not treated us well", he added.

Hatch says in a letter to Trump he supports the president's goal of targeting foreign countries that don't compete fairly in trade.

"Believe me, everybody wants to work in the White House". 'And hence we have these massive deficit numbers in our country, ' Trump said, leaving out other factors, such as interest on the debt or the recently passed $1.5 trillion tax cut.

He also appeared to seek to divide Mexico and Canada in the talks, saying the United States was making more headway with its southern neighbour than with Canada. We can not lose our steel industry. We should also avoid targeting products that Canadian consumers tend to import.

The European Commission, the executive arm of the EU, has compiled a list of goods on which to impose retaliatory tariffs, including American motorcycles and bourbon. Aronson says any tariffs should be aimed at "unfairly traded products".

Trump says the tariffs are needed to balance the playing field and punish nations that violate existing trade agreements, which adds to the US trade deficit and erodes American jobs. His administration is seeking to renegotiate all United States trade deals.

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