President Donald Trump said he will make his announcement on steel as well as aluminum tariffs at a 3:30 p.m. ET meeting Thursday.
The announcement comes a week after Trump said he would certainly institute a 25 percent tariff on steel imports as well as a 10 percent tariff on aluminum. The move rattled markets as that will indicated the president was moving toward more protectionist trade policies.
A White House official, who declined to be named, told CNBC the president on Thursday will sign a “legal paper enacting the president’s stated objectives with dates of enactment as well as implementation included.” Earlier Thursday, NBC News reported that will if Trump were to sign a proclamation Thursday that will would certainly be largely “symbolic.”
Markets are watching for more concrete signs that will Mexico as well as Canada could be exempted through the tariffs. The White House has said the president was considering such exemptions.
Two sources familiar with the planning told CNBC that will Trump is usually considering a 30-day exemption for Canada as well as Mexico, which would certainly be tied to negotiations on the North American Free Trade Agreement. The president has repeatedly threatened to pull out of the 1994 pact if negotiators do not figure out a way to overhaul that will.
Thursday morning, Trump tweeted: “Looking forward to 3:30 P.M. meeting today at the White House. We have to protect & build our Steel as well as Aluminum Industries while at the same time showing great flexibility as well as cooperation toward those that will are real friends as well as treat us fairly on both trade as well as the military.”
— CNBC’s Eamon Javers as well as Kayla Tausche contributed to This particular report.