Washington (CNN) President Donald Trump said Friday he doesn't see car imports as a national security threat, even though he has considered using national security justifications to slap tariffs on foreign automobiles and auto parts.

"Well, no," Trump said when Fox Business Network's Maria Bartiromo asked if auto imports threaten the United States. "What poses a national security risk is our balance sheet," he said, pointing to trade deficits with the European Union

Trump's comments could provide fodder for legal challenges from the auto industry if he follows through on the tariffs he promised last year.

Some companies harmed by his steel and aluminum tariffs last year have pushed back in the courts, arguing the President abused the Section 232 authority. Another more fundamental challenge from an alliance of steel importers makes the case that the power was improperly delegated to the White House when Congress passed the law in the first place.

Trump received a report from the Commerce Department last month about using the Cold War-era provision to impose tariffs on auto imports. The report has so far been kept secret, frustrating members of Congress who have pushed back on the threatened tariffs.

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