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President Donald Trump said the U.S. will lift steel and aluminum tariffs on Canada and Mexico, boosting efforts to encourage lawmakers to ratify his new North American trade deal.

WASHINGTON  — Caught in a sprawling trade dispute with U.S. rival China, President Donald Trump decided against declaring commercial war on America's friends: The White House said May 17 that he is delaying for six months any decision to slap import taxes on foreign cars, a move that would hit Europe and Japan especially hard.

The U.S. average retail price of diesel fell 1.1 cents to $3.160 a gallon. Oil prices slipped to $61 a barrel as the United States and China imposed higher tariffs on the other’s goods, which chilled the outlook for demand.

President Donald Trump’s administration told China it has a month to seal a trade deal or face tariffs on all its exports to the Unites States, even as both sides sought to avoid a public breakdown in negotiations despite a developing stalemate.

China has a powerful financial-market arsenal for its trade tussle with America, including a hoard of Treasuries and its currency. But using those weapons is not without cost.

The United States hiked tariffs on more than $200 billion in goods from China on May 10 in the most dramatic step yet of President Donald Trump’s push to extract trade concessions, deepening a conflict that has roiled financial markets and cast a shadow over the global economy.

President Donald Trump’s latest threat to raise tariffs on Chinese goods puts vital intermediate equipment and everyday consumer goods used by millions of Americans back into the cross-hairs.

President Donald Trump wrote in a May 5 tweet that he will dramatically increase tariffs on Chinese imports to 25% from 10%, starting May 10.

Officials in the transportation industry warned that if President Donald Trump follows through on the threat of tariffs on imported truck and automobile parts, the effects could be devastating for jobs in the United States.

The Trump administration wants to tax $11.2 billion worth of EU goods — from airplanes to Gouda cheese — in a move that some experts say marks another attempt by the administration to use tariffs to reshape global trade in its favor.