President Donald Trump speaks before signing Section 232 Proclamations on Steel and Aluminum Imports in the Oval Office of the White House
"The objective is free and fair trade so the president is very focused on creating better opportunities for US companies, and that's going to lead to more growth", Mnuchin said.
Trump announced on Thursday that he's slapping a 25 percent tariff on steel imports and 10 percent on aluminum.
President Donald Trump is to press ahead with the imposition of 25 percent tariffs on steel imports and 10 percent on aluminum, although he said on Thursday he was willing to strike a deal that could see Canada and Mexico exempted.
In one alleged example of haphazard policy-making, a report this week said the president raised the tariff rates for branding purposes, increasing them from the 24 and 7 per cent recommended by the Department of Commerce - because he wanted nice, round numbers.
Trump exempted only Canada and Mexico from the tariffs, citing their "shared commitments" with the United States on national security.
By law, the tariffs need to be described as a national security matter. The tariffs will take effect in 15 days. "Exclusions will add reams to the tariff code that US businesses will struggle to navigate".
Countermeasures would include European tariffs on United States oranges, tobacco and bourbon, he said.
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The official insisted that was untrue.
Canada is the No. 1 seller of both steel and aluminum to the U.S.
The first way to evaluate the risk is through an economic lens - total imports of steel and aluminum account for 0.2% of U.S. GDP, and domestic production account for 0.5% of U.S. GDP, highlighting that these sectors account for a small share of American business.
Prior to Trump's announcement, Canadian Prime Minister Justin Trudeau expressed confidence of a tariff exemption for Canada, due, he said, to persistent pressure from the Canadian government on the Trump administration, including a personal phone call to the president that week.
"This has been a true Team Canada effort", said Foreign Affairs Minister Chrystia Freeland, also crediting provincial premiers, businesses and labour leaders.
Other countries have threatened reprisals, prompting fears of a global trade war. He excluded Mexico and Canada as long as they negotiate a new North American Free Trade Agreement, and threw the door open to further exclusions for countries and niche products.
The chief US negotiator for autos returned to Washington after one day in Mexico City, effectively placing on hold any exchange of details on rules of origin, the sources said.
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