Trump to offer temporary tariff exemption for Canada and Mexico
Source: Washington Post
President Trump is planning to offer Canada and Mexico a temporary exemption from new tariffs on steel and aluminum imports, reversing his original insistence that the measures apply to U.S. allies as well as nations like China, administration officials said Wednesday.
The proposal, which is expected to be unveiled Thursday, would give Canada and Mexico a 30-day exemption from the tariffs, the officials said. The exemptions could be extended based on progress in renegotiating the North American Free Trade Agreement.
The plan comes as the White House signaled a new flexibility after a six-day drama that has roiled relations with the country’s closest allies, triggered the resignation of National Economic Council chief Gary Cohn and spooked investors. Republicans in Congress have been urging the president to narrow his proposed global tariffs to avoid boomeranging on U.S. businesses and consumers.
At 3:30 pm in the Oval Office, the president will “sign the proclamations and within about 15 to 30 days, the tariffs go into effect. The proclamation will have a clause that does not impose these tariffs immediately on Canada and Mexico,” said Peter K. Navarro, the director of the White House’s Trade and Manufacturing Policy office, on Fox Business Wednesday night.
Read more: https://www.washingtonpost.com/business/economy/trump-considering-temporary-tariff-exemption-for-canada-and-mexico/2018/03/07/7735c4d2-225a-11e8-badd-7c9f29a55815_story.html?utm_term=.48e8391a5b73&wpisrc=al_news__alert-economy--alert-national&wpmk=1
Leverage in other words
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