A bigger concern, however, lies in what might be an escalation of global trade war in the coming months/years. Slapping tarriffs on foreign imports, often goods that can be produced more efficiently outside the US, does not protect American jobs. While the hardcore political base often embraces this type of rhetoric, it usually changes it mind when the consequences are passed on to the general public in the form of higher prices and fewer choices. Protecting inefficient US steel and aluminum producers does nothing but exacerbate the problem of contracting standard of livings for Americans, one of the real reasons why Trump was elected. The US needs a competitive tax and wage structure to compete in the world economy. Lower taxes, reduce regulation, but at the same time protect our people, resources, and planet. The later gets easier as lower taxation that focuses on the later rather than lining people's pockets becomes the cornerstone of leadership.
Headline: Trump faces pushback on tariffs but says he will not back down
WASHINGTON (Reuters) - U.S. President Donald Trump faced growing pressure on Monday from political and diplomatic allies as well as U.S. companies urging him to pull back from proposed steel and aluminum tariffs, although he said he would stick to his guns.
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