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00:00:00
>> Other countries have added production capacity that far exceeds demand and flooded the world market with cheap metal that is subsidized by foreign governments, creating jobs for their country and taking away jobs from our country.>> And with that, President Trump made it official Thursday. He followed through with his highly controversial 25% tariff on steel and 10% on aluminum, claiming it will not only save American jobs but also alleviate a threat to national security.
00:00:33
Reuters' economics correspondent David Lauter has been digging into the details.>> Well, the tariffs will start in 15 days on all countries except for Canada and Mexico. These two countries have been exempted, but the exemption is somewhat indefinite. Whether it will be continued depends on whether or not they can reach a deal on NAFTA.
00:00:56
Now Trump has also provided in this proclamation some kind of a mechanism under which other countries, particularly allies, can apply or petition for some kind of an exemption or alternative methods, other than tariffs, to kind of address the national security issue.>> The tariffs turned out not to bite as loud as Trump's bark.
00:01:21
But that's not stopping resistance from within his own party, which has long trumpeted free trade. Speaker of the House Paul Ryan.>> I'm just not a fan of broad based across the board tariffs, because I think you have a lot of unintended consequences. You'll have a lot of collateral damage, not just consumers, but businesses.
00:01:39
>> And some Republicans are ready to go even further, Arizona Senator Jeff Blake.>> I'll introduce legislation to nullify, and I assume I won't be the only one.>> The condemnation was not limited to Congress.>> Representatives form Canada, Mexico, Brazil, and all across Europe criticized the move, and so did the 11 nations, officially forming the Trans-Pacific Partnership on Thursday, the world's largest trading block that Trump abandoned.
00:02:07
At a signing in Chile, the message was clear. What the world needs is economic cooperation and not a trade war, one which could drag down the global economy.>> Thank you very much, everybody, thank you.