US President Donald Trump speaks before signing Section 232 proclamations on steel and aluminium imports
We expect more news on Trump's tariff plans as soon as today, and there are now signs that, under pressure from USA free traders, the president might spare Canada and Mexico.
"There will be a lot of high-level discussions as we proceed with this", he said Friday after touring a JetBlue facility in NY to celebrate the company's tax cut bonuses.
Trump did say he expected both Canada and Mexico to take action to prevent other countries from sneaking steel into the U.S.by sending them to Canada or Mexico first.
A senior administration official said those exemptions, however, could come at a price to other countries.
The threat of tariffs hung over the negotiations in Mexico City, and Lighthizer said it was an incentive for Canada and Mexico to get a deal - a sentiment echoed by Commerce Secretary Wilbur Ross after Trump's announcement.
The proclamation instead pointed to economic integration between the U.S., Canada and Mexico, the fact the U.S. also exports steel to both Canada and Mexico, and the three countries' shared commitment to national security and addressing global excess capacity in steel production. Employment in the sector does, however, remain well below pre-crisis levels.
Aluminium imports into the United States will also be subject to a tariff, at the rate of 10 per cent.
Suddenly with a 25 per cent tariff, importers could be forced to try to ship goods east and west across the country instead of north and south across the border.
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Trump says Australia to secure exemption from US tariffs
Australia is a small global exporter of steel despite being one of the world's largest suppliers of the raw commodity iron ore. Mr Ciobo warned the world was in "choppy waters" on trade with the next year or two set to be rough.
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On Friday, manufacturing nations began jockeying to be among those exempted from the levies, trying a mix of persuasion and threats, of personal appeals and diplomatic leverage.
"If you don't want to pay tax, bring your plant to the U.S.", added Trump, flanked by steel and aluminium workers.
Even as European Union leaders drew up a list of USA products they said would be subject to retaliatory tariffs and threatened to take their case to the World Trade Organization, they also recalled the long history of trans-Atlantic friendship. The price of products made with that steel and aluminum would also rise, making US products less competitive at home and in foreign markets.
"If you now start making concessions on other things, you give in to blackmail", said Guntram Wolff, the director of Bruegel, a research organization in Brussels.
"Today is a step forward", Chrystia Freeland, Canada's foreign minister, told reporters in Toronto Thursday. But Europe is likely to face a tough decision about whether to wait for World Trade Organization approval, a lengthy process, or simply to impose the retaliatory sanctions.
Steel stocks are getting smoked Friday after it was revealed Trump's new tariffs on imported metals will include exemptions for Canada and Mexico.
A steelworker stops for a picture high above the streets of NY.
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