Trump signs proclamation on aluminium, steel tariffs, exempts Canada, Mexico
President Donald Trump has signed proclamation imposing 10 per cent tariff on aluminium and 25 per cent levy on steel. The new tariffs will go into effect in 15 days. The move is likely to face retaliation from its major trading partners, the European Union and China.
Trump said Canada and Mexico will be exempted from the new import tariff till the three countries decide on North American Free Trade Agreement (NAFTA). NAFTA talks are expected to resume in early April.
He said: "We're going to hold off on the tariff to those two countries to see whether or not we're able to make the deal on NAFTA. If we're making the deal on NAFTA, this will figure into the deal, and we won't have the tariffs on Canada or Mexico."
Donald trump said America’s trading partners who want exemptions from the new import tariffs need to negotiate with US Trade Representatives (USTR).
"The American steel and aluminium industry has been ravaged by aggressive foreign trade practices. It's really an assault on our country. It's been an assault. They know better than anybody. Other countries have added production capacity that far exceeds demand. And flooded the world market with cheap metal that is subsidised by foreign governments, creating jobs for their country and taking away jobs from our country," Trump said.
China's exports of unwrought aluminium and products increases 25.8% in January-February
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