Wilbur Ross Delivers – No More Steel and Aluminum Tariff Exemptions For EU, Canada or Mexico (video)… #MAGA
Amid ongoing trade stalemates with NAFTA and the EU, Commerce Secretary Wilbur Ross has announced the U.S. Commerce Department will no longer provide exemptions for the European Union, Canada or Mexico.
As anticipated, during a telephone briefing with reporters Secretary Ross announced at midnight tonight the 25% steel, and 10% aluminum, tariffs on imported goods will begin.
Via Reuters: U.S Commerce Secretary Wilbur Ross told reporters on a telephone briefing that a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico would go into effect at midnight (0400 GMT on Friday).
“We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved,” he said.
Ross offered little detail about what the EU, Canada and Mexico could do to have the tariffs lifted. (link)
The imposition of the import tariffs will likely break the impasse on current trade negotiations with multiple countries as they will now move to try and get their products exempted.
Australia, Brazil and South Korea (KORUS) have completed trade agreements with the U.S. and will remain exempt from any countervailing steel and aluminum duty. Japan is close to signing a similar trade agreement. However, Canada and Mexico (NAFTA), as well as the EU, have been unwilling to reach reciprocal and balanced trade agreements with the U.S. and will now be subject to the tariff.
The U.S. Chamber of Commerce representing Wall Street multinational interests will likely go bananas. Those DC politicians who are fully purchased by the U.S. CoC lobbyists will likely attack the administration….. all predictable.
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