Axois says Trump weighing heavy tariffs on steel other materials
Trump and Vice President Mike Pence are "hell-bent" on imposing tariffs on steel and likely other imports, according to an Axios report.
They could be extended to other imports including aluminum, semiconductors, paper, and appliances like washing machines as well.
The report said a cabinet meeting took place on Monday and said nearly everyone tried to talk Trump out of the measures. The source estimated the room was 22 against and 3 for.
While no final decision has been made, Trump is leaning towards imposing tariffs on China and other exporters.
"The problem, according to top officials who argued strenuously that the move is ill-advised: The trade war wouldn't just affect China. The collateral damage would include a slew of allies, including Canada, Mexico, Japan, Germany and the United Kingdom," Axios reports.
Separately, Bloomberg reports that no decision is likely today as the administration waits on a report that would say steel imports are a security risk.
Meanwhile, here is a Bloomberg graphic on where the US gets its steel.
If he gets protectionist, Canada is in a much more vulnerable spot than China.
