Trump's trade tariffs may be derailed by his own party according to a Reuters report that House speaker Paul Ryan has joined the chorus against the Trump tariffs.

U.S. HOUSE REPUBLICAN SPEAKER RYAN URGES TRUMP NOT TO ADVANCE ON PLANNED ALUMINUM, STEEL TARIFFS -SPOKESWOMAN

In a statement emailed by his spokeswoman, Ashlee Strong, Ryan added the following:

"We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan. The new tax reform law has boosted the economy and we certainly don’t want to jeopardize those gains"

According to Bloomberg's Michael Regan "this is either a strong signal that Trump may end up being talked out of tariffs, or a strong signal that Paul Ryan's about to get saddled with a new insult-comic nickname from Trump."

Meanwhile Trump is also facing rising pressure from Congress, where as Bloomberg notes is trying to talk Trump out of tariffs. On Sunday, chairman of the US House of Representatives Ways and Means Committee, Kevin Brady, suggested that all fairly traded steel and aluminium, especially from Canada and Mexico, should be excluded from proposed tariffs.

On Monday, the full court press on Trump continued, not just from Brady...

REP. BRADY TO TELL TRUMP TARIFFS SHOULD BE NARROW, TARGETED

REP. BRADY DRAFTS LETTER TO TRUMP EXPRESSING TARIFF CONCERNS

... But also other Republicans: according to Reuters, Congressional leaders haven’t ruled out "a potential action down the line" if President Trump follows through with imposing sanctions on imported steel and aluminum, a GOP official said.

Finally, as Wilbur Ross hinted on Sunday TV shows, while Trump is expected to sign the tariffs this week, the details are far from final, especially when it comes to exemptions. As one trading desk notes, "the critical response internationally and also from US business leaders adds pressure on Trump to back down from his initial proposal."

The only thing that is missing is a drop in the market. Recall that on Friday, Deutsche Bank's macro strategist Alan Ruskin suggested that a sharp market drop may be welcome to free trade advocates:

With widespread reports that the President has ignored the advice of leading advisors like Gary Cohn, it has become rational for those who believe in free trade to wish for a sharp decline in the stock market, as something the President may listen to on this issue.

One look at stocks today and it appears that the market has already decided that Trump will back down and there is no need to drop first to force Trump's hand.