President Trump coming to California, White House confirms

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Officials say Trump has listened carefully to the criticism of his announcement and concede it's likely that the final plan won't apply the same tariffs to every country.

White House spokeswoman Sarah Sanders said, "there are potential carve-outs for Mexico and Canada based on national security, and possibly other countries, as well, based on that process".

Cohn, 57, who served in the White House for a little more than a year, achieved an early rapport with Trump and proved influential in the administration's decisions last April not to label China a currency manipulator and to renegotiate the North American Free Trade Agreement, instead of terminating it.

Mr. Trump's announcement last week that he will impose a 25 percent tariff on imported steel and 10 percent tariff on imported aluminum has been met with opposition, but so far, he hasn't given any indication that he's backing down.

Sanders would not indicate if the carve-outs would apply to other US allies such as the European Union, which has spoken out forcefully against the tariffs and which has threatened to impose tariffs on American products in retaliation.

Gary Cohn, Trump's top economic adviser, resigned on Tuesday amid growing rifts over the tariffs.

Trump had originally said that the tariffs would be applied equally, with no exceptions for allies.

Trump said on Twitter that since former President George H.W. Bush was in the White House 30 years ago, "our Country has lost more than 55,000 factories, 6,000,000 manufacturing jobs and accumulated Trade Deficits of more than 12 Trillion Dollars".

Despite the threat of an impending trade war, Asian shares performed better overnight as the concessions for Canada and Mexico suggested that the policy would not be as severe as feared. House and Senate GOP leaders also have pushed Trump to change his mind, or at least narrow the tariffs to avoid retaliatory tariffs or a trade war.

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Foreign Minister Wang Yi said China and the U.S. should strive to be partners rather than rivals.

The internal pressure from within Washington to go back to the drawing board was illustrated Wednesday in a letter from 107 congressional Republicans, who expressed deep concern about the president's plans.

Australia is among those making the case for exemption, with Foreign Minister Julie Bishop citing her nation's status as a "close ally and partner" in a Sky News interview on Thursday.

Appearing on the TODAY show this morning, Bishop argued import tariffs could spark a trade war in which "everyone loses". Instead, most USA steel and aluminum imports come from Canada and other allies. If the goal is to keep out low-cost worldwide steel, with excess Chinese supply dragging down the entire global market, they say the USA can't allow any supply in at low global prices.

International Monetary Fund chief Christine Lagarde warned "nobody wins" in a trade war, saying it would harm global economic growth. This will be Trump's first visit to the Golden State.

"I don't think the president is going to be easily deterred", said Sen.

Japan has requested that the United States exempt it from the planned measure, saying Japanese steel and aluminum exports do not pose a threat to US national security.

Following the news on Cohn, the United States dollar weakened and stock futures fell more than one per cent, with analysts citing increased uncertainty about economic agenda.