Tags: Donald Trump | Financial Markets | Trump Administration | tariffs | steel | aluminum | trade war

Ryan Warns of 'Unintended Consequences' of Trump Tariffs

Image: Ryan Warns of 'Unintended Consequences' of Trump Tariffs
House Speaker Paul Ryan, R-Wis. (AP)

By    |   Thursday, 01 March 2018 05:40 PM

House Speaker Paul Ryan is not getting behind President Donald Trump's plan to place tariffs on steel and aluminum imports.

Ryan's spokesman Doug Andres told The Hill the idea, which Trump mentioned Thursday ahead of a formal announcement next week, carries with it some baggage.

"The speaker is hoping the president will consider the unintended consequences of this idea and look at other approaches before moving forward," Andres said.

Trump said at the White House he will institute a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum starting next week.

There has already been pushback on the idea, including from Sen. Pat Roberts, a Kansas Republican who chairs the Senate Agriculture Committee, and Timothy Fiore, the chairman of the Institute for Supply Management's factory survey committee.

The stock market did not agree with the move either, as it plummeted more than 500 points after Trump's announcement before settling at a net loss of 420 points for the day.

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President Donald Trump's plan to place tariffs on steel and aluminum imports does not have support from House Speaker Paul Ryan, R-Wis.
tariffs, steel, aluminum, trade war
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2018-40-01
Thursday, 01 March 2018 05:40 PM
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