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>> With world markets bracing, President Trump faces a midnight deadline on his aluminum and steel tariffs that could dramatically ramp up the threat of a global trade war.>> I'm Andy Sullivan in Washington where Trump must decide by Tuesday whether to impose those tariffs on some of America's closest allies, which would surely invite sharp retaliation on US exports in return.
Germany's Angela Merkel and France's Emmanuel Macron both visited the White House last week to implore Trump to hold off, but the president is holding his cards close to his vest. Administration officials say some countries may be spared, but they're not saying which ones.>> When he first unveiled the tariffs back in March, Trump gave European nations, as well as Australia, Argentina, and Brazil, a temporary delay.
Now all are on the hot seat, facing possible import duties of 25% on steel products and 10% on aluminum.>> At the end of the day, it will destroy jobs, increase prices, and the middle class will have to pay for it.>> European Union officials say they're ready to hit back if Trump brings the hammer down, imposing duties on Harley-Davidson motorcycles, Kentucky bourbon, and other signature products made in parts of the country where Trump draws his strongest support.
>> This as fears are growing of a showdown over trade between the United States and China.>> Last year we lost $500 billion on trade with China. We can't let that happen.>> Trump is already announced tariffs to be imposed on China. And Beijing responding in kind, slapping duties in pork, wine, and fruit, raising anxiety in US farm country.
>> First of all I->> Trump's top economic and trade officials, including Treasury Secretary Steve Mnuchin, will be in Beijing this week, trying to avert a trade war but also pushing for further concessions from China. Chinese trade officials are stiffening their stance. The New York Times reporting that they're refusing to talk about Trump's demand for a $100 billion cut in its trade surplus with the United States.
>> Trump has said repeatedly that other countries have been taking advantage of the United States when it comes to trade, and he's determined to change that equation, even if it ends up spooking Wall Street and hurting wide swathes of the US economy. Trump's got wide latitude to chart his own course here.
We'll see how far he's willing to go.>> Great again.