Quantcast
Connect with us

Canada, Mexico exempt from tariffs once NAFTA deal signed: US official

Published

on

Canada and Mexico will be exempt from the steel and aluminum tariffs President Donald Trump will unveil this week once a new North American Free Trade Agreement is reached, US Treasury Secretary Steven Mnuchin said Tuesday.

Acknowledging the fears that Trump’s surprise announcement last week could spark a trade war, Mnuchin also hinted that the final implementation may address some of the issues.

ADVERTISEMENT

In testimony before a House appropriations subcommittee, the Treasury secretary said he has been in contact with his counterparts on the specifics of the tariff proposals and “we’re trying to deal with this on a case by case basis.”

The president “does understand the potential impact it has on the economy, and I think we have a way of managing through this.”

Trump last week announced that he would be imposing tariffs of 25 percent on all imported steel and 10 percent on aluminum to protect domestic industries, citing a rarely-invoked national security section of US trade law.

That sparked global outrage and threats of retaliation, including from the European Union, and NAFTA-partner Canada which has the most to lose as the main provider of steel to the US market.

Trump said he would not back down, even for the closest US neighbors, unless and until a deal to revamp NAFTA that is “fair” for US business and workers was signed.

ADVERTISEMENT

Many observers read that as a softening of his stance to have no exemptions, and that sent global financial markets roaring back Tuesday.

Mnuchin was even more definitive saying that with Canada and Mexico “our objective is to have a new NAFTA and once we do that — which I’m cautiously optimistic on — the tariffs won’t apply to them.”

However, with the sanctions due out this week and the latest round of NAFTA talks ending Monday with no agreement imminent, the two countries will face tariffs on their metals exports at least for some time.

ADVERTISEMENT

The NAFTA talks are complicated by coming presidential elections in Mexico in July as well as crucial midterm elections in the United States in November.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump is trying Middle East Peace plan 2.0 after the first one flopped

Published

on

President Donald Trump is scheduled to submit his second Middle East peace plan after the first one senior son-in-law Jared Kushner came up with didn't go over very well.

"We will get this done," Trump claimed in May 2017.

“We'll start a process which hopefully will lead to peace,” Trump said. “Over the course of my lifetime, I've always heard that perhaps the toughest deal to make is the deal between the Israelis and the Palestinians. Let's see if we can prove them wrong, okay?”

Continue Reading

Breaking Banner

Rage-filled Trump has crippled his presidency because he can’t let go of a grudge no matter how small: report

Published

on

According to a report in Politico, many of Donald Trump's problems are the direct result of his inability to get over the smallest of slights leading him to make poor decisions because he can't see his way to let go of a grudge.

The report notes, "Whether in the privacy of his clubs or out on the campaign trail, the president can’t help but hold onto a grudge. Even as Trump heads into an election year with a record that he claims ranks him among the best presidents of all time, political grievances continue to drive everything from policy decisions to rally speeches to some of the biggest scandals of his presidency — including his impeachment."

Continue Reading
 

Breaking Banner

George Conway reveals Trump is being shunned by law firms because young lawyers ‘want nothing to do with him’

Published

on

Conservative attorney George Conway asserted in a column over the weekend that President Donald Trump's history of mistreating law firms is catching up with him.

In a Sunday op-ed for The Washington Post, Conway explains that Trump is now faced with sparse choices for legal representation in his impeachment trial after years of not paying attorneys and generally being a bad client.

Pointing to Trump's choice of Alan Dershowitz and Kenneth Starr, Conway writes:

?The president has consistently encountered difficulty in hiring good lawyers to defend him. In 2017, after Robert S. Mueller III became special counsel, Trump couldn’t find a high-end law firm that would take him as a client. His reputation for nonpayment preceded him: One major Manhattan firm I know had once been forced to eat bills for millions in bond work it once did for Trump. No doubt other members of the legal community knew of other examples.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image