Trump’s Passion for Tariffs Faces Stiff Headwinds From His Party
- Concern penalties on steel and aluminum would hurt automakers
- Trade fight could rattle already-turbulent financial markets
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President Donald Trump’s zeal for new a round of tariffs is running into cold, hard economic and political reality: lawmakers from his own party who think it’s a bad idea.
Twice this week Trump has raised the idea of trade penalties he calls a “reciprocal tax,” only to have White House officials insist there’s no plan in the works for such an action. During a televised meeting at the White House on Tuesday, Republican lawmakers told Trump the new tariffs he’s mulling for aluminum and steel imports would likely do more harm than good, costing greater jobs among automakers and manufacturers than they protect.