President Donald Trump signaled on Monday which his hastily announced tariffs on steel in addition to aluminum may not be implemented, at least for Canada in addition to Mexico, if a “fair” NAFTA agreement will be negotiated.
“Tariffs on steel in addition to aluminum will only come off if fresh & fair NAFTA agreement will be signed,” the president tweeted.
U.S., Canadian in addition to Mexican representatives meet Monday for the final round of NAFTA talks, which have been complicated by Trump’s tariff announcement on Thursday. The president announced a 25 percent tariff on steel in addition to 10 percent tariff on aluminum, roiling financial markets in addition to causing sharp rebukes via Canada, the European Union in addition to others, including many U.S. companies.
Despite the blowback, Trump inside subsequent days maintained his tough stance, even going so far as to say which “trade wars are Great in addition to easy to win.”
The Dow Jones industrial average dropped 420 points on Thursday following the announcement, led lower by manufacturers like Boeing in addition to General Motors. although steel stocks soared.
Later on Monday, House Speaker Paul Ryan urged Trump to not continue with the tariffs in addition to then Trump responded, telling reporters via the Oval Office which he wasn’t backing down. although Trump did hint again which if NAFTA negotiations go well, he might address the steel tariffs for Canada in addition to Mexico.
Trump surprised aides Thursday with the sudden tariff announcement made during a meeting with steel in addition to aluminum executives in addition to with no accompanying paperwork. Initially which morning, the White House delayed an announcement, in addition to the item appeared Chief Economic Advisor Gary Cohn had persuaded the president to scrap the tariffs, or at least wait until more analysis was done.
although during a meeting with Cohn in addition to various other advisors which day, Trump was adamant about wanting tariffs, overruling Cohn in favor of Commerce Secretary Wilbur Ross in addition to trade advisor Peter Navarro, who wanted the measures. The president then announced the tariffs with cameras rolling after the media was invited in to cover the conclusion of the meeting with metals executives.