President Trump announced his plan to sign into law a sweeping import tariff on all steel and aluminum goods produced outside the United States Thursday; temporarily excluding Canada and Mexico as the White House renegotiates NAFTA in the coming months.
According to Fox News, the Trump administration is placing a 25% import tax on all foreign-produced steel and a 10% tax on aluminum “across the board.”
“We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military,” the president tweeted Thursday.
The White House confirmed that both Canada and Mexico would be excluded from the international tariffs while the US and its neighbors enter renegotiations surrounding the North American Free Trade Agreement.
“If that negotiation is unsuccessful then tariffs will be applied across the board,” Peter Navarro, Director of the White House National Trade Council told Fox News. “Now, importantly, in addition to that, there is language that will allow other countries to effectively propose ways that they could get a similar dispensation in exchange for more fair and reciprocal trade with the United States.”