On Trade, Trump Is Acting in the Best Interest of the USA

On Thursday, President Trump, surrounded by steel workers in the Oval Office, signed a memo imposing tariffs on steel (25%) and aluminum (10%) that are imported to the United States. He carved out two exceptions to the tariffs: Canada and Mexico would be temporarily exempted from the tariffs, pending the outcome of the ongoing renegotiation of NAFTA.  The U.S. will likely insist that products imported tariff-free into the U.S. use steel produced within NAFTA. He directed USTR (U.S. trade representative) Robert C. Lighthizer to negotiate with those military allies that want to be excluded from the tariffs, but such exclusions would require trade reciprocity.  The Trump administration is expert at using economic leverage to produce negotiated outcomes that benefit the United States. This announcement marks a victory for the trade deficit hawks in President Trump's inner circle of economic advisers, including Wilbur Ross, Trump's secretary...(Read Full Article)