Trump may exempt more countries from tariffs: Treasury secretary
US Treasury Secretary Steven Mnuchin says that it is likely that President Donald Trump would exempt more countries from trade tariffs.
"The president can do exemptions and my expectation is there may be some other countries that he considers in the next two weeks," Mnuchin said in an interview with CNBC on Friday.
Defying his own party and delivering on a campaign promise to fight unfair practices by America’s trading partners, Trump signed paperwork enacting tariffs of 25 percent on steel and 10 percent on aluminum during a ceremony at the White House on Thursday.
Mnuchin added that exemptions for specific products would be decided by US Commerce Secretary Wilbur Ross, who "will be publishing regulations very quickly on how those products could be exempt."
Mnuchin also commented on the recent developments over Trump’s decision to meet with Korean President Kim Jong-un for talks about nuclear weapons.
"The president is determined that there won't be nuclear weapons on the peninsula," he said. "I think this is a very important move forward that they're willing to say they will step the testing and they're willing to have discussions."
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The president temporarily exempted the countries from the tariffs that “treat us fairly on trade,” a move aimed at putting pressure on Canada and Mexico to give ground in separate talks on the North American Free Trade Agreement (NAFTA). Trump has separately discussed withdrawing the United States from NAFTA.
The World Trade Organization (WTO) director-general has called on Trump not to impose hefty tariffs on aluminum and steel exports, saying it could cause a deep global recession.
Trump is also facing resistance from politicians in his own party. Republicans have lobbied the president to reconsider his plans, but he has brushed off such demands saying, “We're not backing down” on steel tariffs.
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