President Trump is signing two proclamations today that go into effect on March 23, one imposing a 25% tariff on steel and the other a 10% tariff on aluminum, a senior administration official told reporters. The official confirmed that Canada and Mexico will be exempt from the tariff increases, citing national security agreements — specifically ongoing NAFTA negotiations. This will still meet fierce opposition from free traders and large sections of the business community. But it’s not nearly so bad as it originally appeared. Trump initially wanted to impose these tariffs on everyone with no exceptions and no room for exclusions. There’s now plenty of wiggle room.
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