The Associated Press
U.S. President Donald Trump shows his signature on Section 232 Proclamations on Steel and Aluminum Imports in the Oval Office of the White House on March 8, 2018.
Trump plans to impose a duty of 25 percent on steel and 10 percent on aluminum to counter cheap imports, especially from China, that he says undermine USA industry and jobs.
In a tweet on Thursday, Trump gave a hint of Canada's exemption from the trade tariffs.
"This is an industry that is in serious condition if you turn to the steel industry since 200,000 we've lost over 50,00 jobs, since 200 we've lost 40,000 in aluminum", a senior administration official said Friday.
"Protectionism, tariffs never really work", Fox added.
Mexico recognizes the problem of global steel oversupply and will keep seeking solutions, but NAFTA talks shouldn't be subject to other domestic US policies, the country's Economy Ministry said in a statement.
$15 billion of the two metals combined were exported to the US a year ago.
Yes, the US has a trade deficit with Mexico, but it also has a trade surplus with Canada.
If the entire cost is passed to consumers, which may not be possible, it could add about $300 to the price of the average vehicle, said Kristen Dziczek, director of Center for Automotive Research's Industry, Labor & Economics Group.
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It estimates the 10 percent tariff on the aluminum encasing most of the beer sold in the USA will increase the cost of the beverage by $348 million annually and threaten more than 20,000 jobs in the industry.
AK Steel CEO Roger Newport praised Trump's decision, saying he fully supports "the actions he plans to take to stem the tide of unfairly traded steel imports that threaten the national security of our country". Specific steel and aluminum products also could be excluded and that authority will rest with Commerce Secretary Wilbur Ross.
Aluminium imports into the United States will also be subject to a tariff, at the rate of 10 per cent. She said Canada would push "until the prospect of these duties is fully and permanently lifted", and said it would be inconceivable to apply tariffs to a close military ally like Canada on national security grounds.
Trump planned to have a meeting Thursday to discuss tariffs.
The tariffs could lead to job losses at aerospace and defense companies, said Eric Fanning, president and CEO of the Aerospace Industries Association, which represents more than 300 manufacturers and suppliers.
"Ideally, some of them will be dealt with in this 15-day process so that they don't hit those countries", Mnuchin said, citing the legal time frame for implementing the tariffs.
The Canadian Steel Producers Association says trade in steel between Canada and the USA was worth $12 billion in 2017 and was "evenly balanced" between the two countries. Much as Mexico's trade surplus with the US has been growing, it is not because the country hones Trump-like trade mercantilism ("exports good, imports bad"), takes advantage of the USA or generally runs a big trade surplus with the world.
But the number of people employed in the steel industry has been declining for decades, while steel production remained relatively even.
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