President Trump continues to hint at withdrawing from NAFTA because of what he perceives as an unfair trade balance between the USA and other countries. He had been expected later in the day to sign a proclamation imposing 25 percent tariffs on steel imports and 10 percent on aluminum, but this could slide into Friday. Trump has threatened to pull out of NAFTA, believing it has been unfair to American workers.
He later doubled down on the threat in a White House press conference.
Justin Trudeau will be in Hamilton on Tuesday, as part of his tour of regions of the country that are heavily reliant on the steel and aluminum industries in a show of solidarity for those who would be hurt the most by stiff USA tariffs.
Round 7 of the NAFTA talks concluded in Mexico City with grim comments by US Trade Representative Robert Lighthizer.
The governor indicated that she spoke with the president, Vice President Mike Pence and administration officials when she attended the winter meeting of the National Governors Association last week in Washington, D.C. She said she hoped to have a follow-up visit with the vice president Tuesday while he is in Council Bluffs to tout the federal tax cuts. Navarro left the door open for corporate exemptions on select cases, without elaborating.
Trading on the floor of the New York Stock Exchange.
U.S. House Speaker Paul Ryan rejected the plan for tariffs Monday, in a rare public break from Trump. The U.S. has midterm congressional races in November.
Such a tariff would go against the advice of the U.S. Defense Department, which has argued for a targeted approach to implementing tariffs.
However, with the sanctions due out this week and the latest round of NAFTA talks ending Monday with no agreement imminent, the two countries will face tariffs on their metals exports at least for some time. Trump has repeatedly threatened to withdraw from the pact.
The president "does understand the potential impact it has on the economy, and I think we have a way of managing through this".
He expressed frustration that only six chapters have been completed so far - with three more at this round. The governor says leaving NAFTA would be devastating to Iowa.
No date has been announced for the next session planned for Washington. And some of the areas like (auto) rules of origin are really fiendishly complex. He later added, when asked about U.S. Nafta demands: "Of course the United States is willing to compromise".