Trump signs steel tariffs into law, exempts Mexico and Canada
US President Donald Trump signed on Thursday an order imposing 25% tariffs on steel imports and 10% tariffs on aluminum imports from all countries except Mexico and Canada, according to The Wall Street Journal (paywall). “In announcing the measures, the president outlined his broader trade agenda, including rewriting existing U.S. pacts and a continuing sweeping investigation of Chinese trade practices, issuing a veiled threat that even bigger penalties are looming against Beijing.” However, Trump also signaled that the tariff policy is open to more exemptions — including for the US’ military allies — after his initially unwavering position pushed White House National Economic Council director Gary Cohn to resign last week.
Egypt may end up losing USD 178 mn in profits thanks to the tariff hikes, Sputnik reported, citing El Watan. A source in the Trade and Industry Ministry told the daily that Cairo was considering asking the US for an exemption.