10/18/2018 – Politico
TODAY’S LINEUP: The three NAFTA countries are looking for a way to lift the steel and aluminum tariffs and retaliatory duties, potentially through some sort of quota. Also, Commerce Secretary Wilbur Ross’ harsh comments in Brussels have pushed the U.S.-EU trade truce to a breaking point, and the yuan is tumbling after Treasury issued China a warning about the relative weakness of its currency. Here we go:
U.S., CANADA AND MEXICO LOOK FOR STEEL SOLUTION: The U.S., Canada and Mexico have been quietly talking about a possible way out of the Trump administration’s tariffs on steel and aluminum. The duties of 25 percent and 10 percent, respectively, haven’t been lifted despite the three countries reaching a new North American trade deal at the end of September. President Donald Trump imposed the tariffs under a law that allows trade restrictions on the basis of national security concerns.
“This is being discussed at very high levels between the three governments,” Philip Bell, president of the Steel Manufacturers Association, told Morning Trade. “There will be something in place to replace the 25 percent tariff.”