According to new reports, Trump is going ahead with this big tariffs on steel and aluminum and he’s only exempting Mexico and Canada from them immediately pending NAFTA negotiations. The new tariffs will go into effect in 15 days:
DEVELOPING: President Trump is expected to announce tariffs of 25% on steel and 10% on aluminum, with carve-outs for Canada and Mexico for an undetermined period of time, a source briefed on the president’s forthcoming tariff proclamations says.— NBC News (@NBCNews) March 8, 2018
BREAKING: AP sources: Trump tariffs on steel, aluminum to take effect in 15 days; Mexico and Canada exempted indefinitely.— The Associated Press (@AP) March 8, 2018
BREAKING: AP sources: All countries invited to negotiate exclusions from new US tariffs on steel, aluminum imports.— The Associated Press (@AP) March 8, 2018
Here’s more from the AP:
Sources outside the White House say President Donald Trump’s tariffs on steel and aluminum imports will take effect in 15 days, with Canada and Mexico indefinitely excluded from the duties.
Trump is ordering import tariffs of 25 percent on steel and 10 percent on aluminum later Thursday. He says American manufacturers need to be protected on national security grounds.
The people briefed on the plans say all countries affected by the tariffs are being invited to negotiate for exemptions, if they can address the threat their exports pose to the U.S.
Those briefed on the plans say the exclusion for Canada and Mexico could be ended, if talks stall to renegotiate the North American Free Trade Agreement.
So all the other countries who want to avoid these big tariffs must come negotiate with the White House. I guess that includes all of our allies.
I’ll update when I have more…
UPDATE: So essentially what was reported above is what Trump announced today:
The moves will slap a 25 percent levy on steel and 10 percent charge on aluminum. White House officials say the tariffs are an essential matter of domestic and economic security.
“A strong steel and aluminum industry are vital to our national security,” Trump said. “You don’t have steel, you don’t have a country.”
In addition to the exceptions for the two NAFTA partners, the White House will give other nations the opportunity to justify why they shouldn’t be included.
“If the same goals can be accomplished by other means, America will remain open to modifying or removing the tariffs for individual nations, as long as we can agree on a way to ensure that their products no longer threaten our security,” Trump said.
Determining further exceptions will depend on whether countries can convince Trump that there’s a “satisfactory alternative means” for resolving trade inequities, said an administration official familiar with the tariff proclamations who spoke on condition of anonymity.
“We’re going to show great flexibility,” Trump added.
So now other countries, including our allies, will have to come grovel at King Trump’s feet to get our tariffs on their products reduced or waived.