CHINA/CONGRESS/GOP/NATIONAL SECURITY/TRADE DEALS/TRUMP AS PRESIDENT: “Some of President Donald Trump’s fellow Republicans in the U.S. Congress said on Thursday [5-24-18] that his administration’s national security investigation of car and truck imports amid a trade spat with China is being pursued under false pretenses and could hurt U.S. consumers. Trump said on Wednesday that ongoing U.S.-China trade talks would need ‘a different structure’ because they appeared ‘too hard to get done.’ Shortly after, the Commerce Department launched a probe of auto imports under Section 232 of the Trade Expansion Act of 1962 that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March. Higher tariffs could be particularly painful for Asian automakers, including Toyota Motor Corp (7203.T), Nissan Motor Co (7201.T), Honda Motor Co (7267.T) and Hyundai Motor Co (005380.KS), which count the United States as a key market. Congressional Republicans said it was unclear what Trump was aiming to accomplish with the probe, warning it could result in U.S. job losses, and with some suggesting it was a political tactic ahead of midterm elections in November.”
-Richard Cowan, Susan Cornwell, “Republicans in Congress slam Trump probe of auto imports,” Reuters, May 24, 2018 10:43 am