Trump may exempt more countries from trade tariffs - Treasury's Mnuchin

Trump may exempt more countries from trade tariffs - Treasury's Mnuchin

Trump may exempt more countries from trade tariffs - Treasury's Mnuchin

Furthermore, one of the biggest concerns has to do with whether this is the beginning of a standoff with China; that doesn't necessarily seem to be the case, as we get the majority of our steel and aluminum imports from other trading partners - steel imports from China only account for 2.2% of the USA total.

U.S. President Donald Trump signed two proclamations Thursday in Washington to implement a 25-percent levy on steel imports and a 10-percent charge on aluminum, doubling down his efforts against what he said were cheap imports hurting American industries. Walker and other Republicans have urged Trump to reconsider.

Trump nonetheless threatened to impose tariffs after all if a deal to update Nafta falls through, and called on Mexico and Canada to do more to stop trans-shipment of steel and aluminum through their countries and into the U.S.

Germany and other US allies in Europe have said they will seek exemptions, given their longstanding alliance with the United States through North Atlantic Treaty Organisation.

Trump's authority to establish the tariffs stems from a Commerce Department investigation that found that imports of the metals pose a risk to national security.

The aide expressed frustration at the way the tariffs have been characterized, referring repeatedly to the "fake news", the lobbyists and the "swamp things" that he said exaggerated the ill effects while fighting the measures. Industry officials and free-trade advocates had expressed hope that the recent round would narrow differences after Canada proposed in late January that technology and r&d be applied to calculations of regional content value in response to USA demands for higher regional and US content requirements for autos enjoying duty-free status.

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Earlier this week Trump's top economic adviser, Gary Cohn, announced his resignation from the White House, with all signs that his much-speculated departure came over a rift about the tariffs.

The official insisted that was untrue.

Canada and Mexico pushed back staunchly against steel and aluminum tariffs, with Canada in particular saying it'd be inconceivable to slap them on a close military ally under justification of a national security risk.

She said Canada planned to keep this issue separate from NAFTA negotiations, as it has done with disputes over softwood lumber, paper, and Bombardier.

"At the same time, due to the unique nature of our relationship with Canada and Mexico, we're negotiating right now NAFTA, and we're going to hold off the tariff on those two countries to see whether or not we're able to make the deal on NAFTA-national security, very important aspect of that deal". He said they need to contact US trade czar Robert Lighthizer, and negotiate.

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