President Donald Trump today said he is willing to hold back on proposed US tariffs on import of steel and aluminium only if there is a "new and fair" North American Free Trade Agreement (NAFTA). This week, Trump is scheduled to sign an executive order that would impose a 25 per cent tariff on import of steel and another 10 per cent on aluminium. His announcements last week drew a sharp reaction from America's major trading partners including the European Union and Canada. The new import duty on China is said to be aimed at Chinese steel, which is quite often dumped in the US market. "We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation right now, has been a bad deal for USA. Massive relocation of companies and jobs.
Tariffs on steel and aluminium will only come off if new & fair NAFTA agreement is signed," Trump tweeted. Currently, the US, Canada and Mexico are renegotiating NAFTA. In another tweet, Trump said Canada must treat American farmers much better. "Highly restrictive. Mexico must do much more on stopping drugs from pouring into the US. They have not done what needs to be done. Millions of people addicted and dying," Trump wrote.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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