The Dow Jones industrial average gained almost 350 points Monday, to close up 1.42% at 24,887, despite President Donald Trump saying that "we're not backing down" on his proposed tariffs on imported steel and aluminum.
U.S. stocks rebounded on Monday as Wall Street cast off worries about a looming trade war to help the Dow Jones Industrial Average break a four-day losing streak. A GOP source told CNBC that congressional leaders have not ruled potential action down the line if Trump follows through on his plan.
"This law encourages the White House to monitor the effects of tariffs like this, to continue to adjust and tailor and exempt in a way that strengthens the goal, which is unfairly traded products and steel and aluminum".
In a written statement, a port spokesperson says: "Imposing and enforcing tariffs arbitrarily on imported steel and aluminum would negatively impact ports, the larger maritime community, manufacturers throughout the USA and other steel-consuming industries". "Ontario is a major supplier of steel and automobiles and Quebec a key supplier of aluminum, with Canada as the largest exporter of both to the States".
Mr Trump has threatened to increase taxes on European cars if the EU retaliates against his steel and aluminium tariffs.
American press reports have also described the president feeling angry and isolated in recent days.
Ah yes, how far will Republicans go to stand up to Trump?
On Monday, the Club for Growth, an outside conservative group, announced opposition to the planned tariffs.
French President Emmanuel Macron said yesterday that the European Union must "react quickly" to USA plans for tariffs, which he said clearly breached global trade rules.
Senator Ben Sasse agreed that "kooky 18th Century protectionism will jack up prices on American families".
Presidents Johnson, Nixon, Carter, Reagan and George W. Bush all imposed tariffs or took other measures to protect the US steel industry.
Republican leaders of the House Ways and Means Committee, meanwhile, circulated a letter opposing Mr Trump's tariff plan. Some American producers, including those that make bourbon, blue jeans and Harley Davidson motorcycles, worry that a trade war with Europe and other nations will harm their exports. John Cornyn, a Texas Republican, told CNN. So I guess there's that for Paul Ryan to think about. I don't know how much it's going to be or how much impact that is going to have.
Peter Navarro, a strong free trade opponent, was brought on by Trump to serve as assistant to the president on trade and industrial policy and director of the White House National Trade Council. "Everyone is understandably paying very close attention and concerned".
Trump also criticized the European Union for trade barriers on U.S. companies and repeated his threat to slap tariffs on European auto imports if Brussels retaliates against the steel tariffs.
That is just the kind of tit-for-tat reaction that economist warn could spark a trade war at a time when the USA and global economies have only recently returned to firmer footing. And agriculture is the number one target.