Top Republican lawmakers including House Speaker Paul Ryan have raised concerns about President Donald Trump's plan to impose tariffs on metals fearing that it could pave the way for a "trade war", the media reported.
The comments, made during a White House meeting with Israeli Prime Minister Benjamin Netanyahu, came just four days after Trump announced new tariffs - taxes on imports - for steel and aluminum coming into the US.
Korean steelmakers are expected to suffer losses from Trump's higher tariffs as South Korea is the third-largest steel exporter to the USA after Canada and Brazil. It's not just the USA economy that will suffer: The tariffs would punish some of America's closest allies, including NAFTA partners and the EU. "Massive relocation of companies & jobs", Trump wrote.
"I don't think we'll have a trade war", the president said.
"We're not backing down", Trump said.
Despite the Canadian foreign minister's pessimism toward the tariffs last week, Canada's chief negotiator Steve Verheul noted the body had "successes we can point [to]" but ceded there is "more to do" in ongoing negotiations.
"We [BHP] will live and die by what happens with free trade", he said.
Senate Finance Committee Chair Orrin Hatch (R-UT) said the tariffs are "not going to help America" and whoever recommended them to Trump should be "reprimanded".
Now, he's about to take his bad trade policy to an even more risky place.
Mr Trump's announcement last week that he would tax imported steel and aluminium has prompted worldwide reaction.
"I don't think so; I don't think you're gonna have a trade war, no", he said.
And more than five jobs would be lost for every one gained under the tariffs, according to the Washington, D.C. -based economic consulting firm.
The problem with tariffs on products like steel and aluminum is that they raise prices.