|

Treasury Secretary urging Trump to exempt Canada from steel and aluminium tariffs - ABC News

Headlines are hitting the markets that Treasury Secretary has urged Trump to exempt Canada from steel and aluminium tariffs: Sources

The news comes from ABC News stating that at a White House trade meeting on Tuesday, Treasury Secretary Steven Mnuchin urged President Donald Trump to exempt Canada from steep steel and aluminium tariffs, two senior administration officials and two sources close to the White House told ABC News:

"Mnuchin presented the option to Trump in a meeting of the administration’s most senior economic policymakers, including director of the National Economic Council Larry Kudlow, Commerce Secretary Wilbur Ross, Trade advisor Peter Navarro, trade representative Robert Lighthizer and chief of staff John Kelly."

After returning from the G-7 finance ministers summit in Canada, Mnuchin made the case that the U.S. has a $2 billion steel surplus with Canada and a nearly $26 billion services surplus, and should consider making an exemption for its northern neighbor, according to the sources.

But not all of the advisers were in agreement," the article explained, according to two sources familiar with the conversations. "They say the group has been known to harbor ideological differences on major economic issues and the meeting adjourned without any clear resolution to the matter."

“He’s still deciding on what to do about Canada,” said one senior administration official on the President’s response to the request for leniency."

This news follows earlier news that White House economic adviser Larry Kudlow was speaking to Fox News saying that Trump has been considering whether to split the Nafta talks into separate negotiations with Mexico and Canada. However, Sen. John Cornyn, R-Texas, said the deadline for congressional approval of a new trade deal had likely run out. This points to there not being a Nafta 2.0 until 2019. 

Also, today, Republican Senate foreign relations chair, Corker, said that both the Republican and Democratic Senators are seeking to present a bill that will force Trump to obtain congressional approval for imposing tariffs on national security grounds. This follows weekend talks with China where they attempted to negotiate their way out from the punitive tariffs on US$50 billion of Chinese imports and restrictions on investment in the American hi-tech industry.

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

More from Ross J Burland
Share:

Editor's Picks

EUR/USD eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD: Pound Sterling ticks up against US Dollar in countdown to US NFP

The Pound Sterling trades marginally higher to near 1.3365 against the US Dollar during the Asian trading session on Friday. The GBP/USD pair edges up as the US Dollar ticks down ahead of the United States Nonfarm Payrolls data for February, which will be published at 13:30 GMT.

Gold awaits US Nonfarm Payrolls for a clear directional impetus

Gold rebounds above $5,100 early Friday after testing the $5,050 level amid global sell-off. The US Dollar pulls back as profit-taking creeps in ahead of US labor data. For February. 21-day SMA holds amid bullish RSI; a daily closing above 61.8% Fibo is critical for Gold buyers.

Top Crypto Gainers: Lombard, Humanity Protocol, OKB rally on US Fed’s tokenized securities clarity, NYSE investment

Lombard, Humanity Protocol, and OKB rally over the last 24 hours, securing the top-gainer spots in the early Asian session. The US Federal Reserve issued clarity on tokenized securities, which expands its utility and reduces regulatory friction with US banks, driving the Real-World Assets tokenization crypto projects. 

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.