The U.S. may be nearing an agreement with Mexico and Canada to roll back tariffs on steel and aluminum imports, Treasury Secretary Steven Mnuchin told a Senate subcommittee Wednesday, according to The Wall Street Journal.
On another front, Mnuchin said negotiators are likely to travel to China soon to continue trade negotiations, the newspaper said.
President Donald Trump has instructed trade advisers to find a solution to the matter, the cabninet member said.
The Trump administration imposed tariffs on steel (25 percent) and aluminum (10 percent) from most countries around the world last year.
Morgan Stanley estimates that Trump’s tariffs on steel, aluminum, washing machines and solar panels, as of March 2018, covered 4.1 percent of U.S. imports.
Canadian Finance Minister Bill Morneau told The New York Times last month that levies could jeopardize Canada’s ratification of the revised version of the North American Free Trade Agreement.
Chrystia Freeland, Canada’s foreign minister, is expected to meet Wednesday with Trump’s top trade negotiator Robert Lighthizer, the Times said.
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