Final countdown: We’re about eight hours away from the U.S. imposing hefty steel and aluminum tariffs on some of its closest allies unless Trump decides to let them off the hook. A look at where things currently stand: politi.co/2JG1jiK
The countries awaiting their fate are Canada, Mexico, Argentina, Australia, Brazil and the EU. They were granted a temporary exemption from the duties (25% on steel, 10% on aluminum) that Trump imposed on the rest of the world last month. But that expires at midnight.
Imposing the duties would almost certainly prompt retaliation and turbulence in international markets. With Canada and Mexico, it would throw a wrench in ongoing NAFTA negotiations.
And Brussels has already gathered a list of U.S. exports from peanut butter to lipstick to yachts that they would hit with 25% duties on their way into the European market if the EU is not spared.
Inside the White House, the exemption process has been chaotic, sources tell @nancook. We’re likely to get an eleventh-hour decision, given that decisions remain up in the air and officials aren’t coordinating with one another.
We could see a flurry of decisions today, or simply an extension of the temporary exemptions while officials try to buy more time. USTR Lighthizer is also juggling these tariffs, the NAFTA talks and his high-stakes upcoming trip to China, for which he leaves later this week.
In any event, it promises to be an exciting few hours. Read our early rundown here, and stay tuned for more the rest of the day: politi.co/2JG1jiK (/end!)
The latest: With hours to go, the U.S. closest allies (incl three of its four largest trading partners) are on edge — and still in the dark about what's to come. “We’re busy alienating the few friends we have left,” one trade expert says.
Full story here: politi.co/2I1SG5a
Full story here: politi.co/2I1SG5a
