Trump Signs Tariffs On Aluminum, Steel; Exempts Canada, Mexico By Investing.com

Canadian Dollar Touches Two-Month High vs. USD as Markets Digest Powell Comments

Trump Signs Tariffs On Aluminum, Steel; Exempts Canada, Mexico

Published Mar 08, 2018 15:41 Updated Mar 08, 2018 16:08

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Trump Signs Tariffs On Aluminum, Steel; Exempts Canada, Mexico

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Investing.com – U.S. President Donald Trump signed a pair of tariffs on imported steel and aluminum but exempted Canada and Mexico.

Trump confirmed a 25% levy on steel and 10% on aluminum, insisting that the move to impose tariffs was “not a matter of choice” but a “matter of security.” The tariffs are expected to start in 15 days and the president said he was willing to "carve out" exceptions to new steel and aluminium tariffs for “real friends”.

Trump warned, however, the exemptions from the tariffs to Canada and Mexico were on the condition that the North American Free Trade Agreement is renegotiated with more favourable terms for the United States.

Mexico’s Economy Minister Ildefonso Guajardo, however, told Reuters on Thursday, prior to Trump's speech, that he would not allow the United States to use planned tariffs on steel and aluminum imports to pressure the country in ongoing NAFTA talks.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.60% to 90.09 after hitting a session high of 90.21. The MXN/USD jumped to its strongest to a nearly two-week high.

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