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House Republicans urge Trump not to enact broad tariffs

House Republicans are imploring U.S. President Donald Trump to reconsider imposing wide-ranging tariffs on imported steel and aluminum.

In a March 7 letter to Trump, nearly half the Republican membership of the House — 107 elected officials — praised the recently enacted tax cut law but said "adding new taxes in the form of broad tariffs would undermine remarkable progress."

The EU has already said it would consider retaliating against specific products if Trump follows through with his announced plan.

Markets have been volatile in the wake of the president's announcement that he intends to enact the tariffs amid concern about widening trade disputes.

Markets also reacted badly to news this week that his chief economic adviser, Gary Cohn, was resigning. Cohn, the National Economic Council director and a former Goldman Sachs banker, is a proponent of free trade and was seen as a counterbalance to protectionist forces in the administration.