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00:00:00
>> US President Donald Trump's proposed tariffs on imported steel and aluminium are provoking a growing revolt within his own party. Republican House Speaker Paul Ryan is trying to talk the President out of the idea. A spokesperson for Ryan on Monday saying quote, we are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan.
00:00:23
That follows blow back from GOP senators as global trading partners threatened to retaliate with tariffs of their own.>> You're punishing the American consumer and our allies. You're making a huge mistake here.>> I'm very surprised. He's had very bad advice from somebody down there.>> Reuters Washington correspondent, David Shepardson.
00:00:41
>> Free trade, low tax, low regulation. Republicans don't like tariffs generally. They've been urging free trade. And that historically has been the largest part of Republican party. There's a smaller group of Republicans who have opposed free trade deals. So that group of Republicans has been successful in convincing President Trump to endorse these new tariffs.
00:01:02
But the mainstream Republicans and the leadership have generally been opposed, and if you've seen, some pretty critical statements in the last few days about these tariffs.>> The White House claims foreign nations are unfairly dumping cheap metal on the world market, harming US steel and aluminum producers. But critics warned the proposed 25% tax on imported steel and 10% on aluminum would raise prices for US manufacturers and consumers, harming jobs, especially in the case of a full-fledged trade war.
00:01:32
So far, very few details of the plan are known and the specifics appear to be in flux. One major question, will any countries get an exemption from the tariffs? On Monday Donald Trump floated the idea of lifting the barriers as part of a renegotiation as part of the North American Free Trade Agreement, or NAFTA.
00:01:49
>> I would image one of the points that we'll negotiate, it will be tariffs on steel for Canada and for Mexico.>> But for now, despite concerns by allies and members of his own party, the President insists he is pushing ahead with his tariff plan.>> No, we're not backing down.