Trump's tariffs can't save the dying steel and aluminum industry: Bush aide

Earlier on Monday, Trump also said on Twitter that he'd consider lifting the newly announced tariffs if a "new & fair" deal can be reached on the North American Free Trade Agreement (NAFTA).

He made the comments as the United States, Canada and Mexico were wrapping up their latest round of talks on revamping the 1994 NAFTA deal, and as USA and world shares dipped again, partly on concerns that Trump's tariff plan could spark a global trade war.

'We have large trade deficits with Mexico and Canada. Knowing the US ultimately has as much or more to lose, Canada is unlikely to be bullied into making serious concessions at the NAFTA table to avoid Trump's tariffs. Massive relocation of companies and jobs.

U.S. Speaker Paul Ryan is calling on President Donald Trump to take a "surgical, more targeted" approach when implementing hefty taxes on steel and aluminum imports or the U.S. could face "unintended consequences". "Millions of people addicted and dying", Trump wrote. "But if they aren't going to make a fair NAFTA deal, we're just going to leave it this way".

While disgruntled Republicans trigger anxieties at home, other countries involved in NAFTA pose the greater threat of a possible trade war.

"I don't think we'll have a trade war", he continued.

Following Juncker's comments, Trump warned the United States would apply a tax on European cars if the bloc wants to increase tariffs on American firms, a statement that has rattled European automakers.

Congressional leaders also would not rule out potential action in the future if Trump pursues the planned tariffs, a House Republican source said, although the source did not specify what action lawmakers were considering. At the same time, unions representing USA steelworkers are pleased.

Late last week, Trump declared he would soon levy punitive steel and aluminum tariffs - 25 and 10 per cent respectively - against the rest of the world in a bid to protect American steel and aluminum producers from unfair competition.

Trump is expected to formalize his new tariffs this week.

"We gotta get it back", Trump said. Canada, U.K. and the European Union have all spoken out against the tariffs - with the European Commission threatening "countermeasures" should Trump's tariffs go ahead.

The current round of Nafta talks, which focus on updating the 24-year old treaty, are due to finish on Monday and have achieved little.

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