Steven Mnuchin says Mexico and Canada will be exempt from Trump's tariffs if NAFTA is reworked
![Treasury Secretary Steven Mnuchin.](https://cdn.mos.cms.futurecdn.net/njjanezvZgzHsshnSUCmgG-415-80.jpg)
Update 11:24 a.m. ET: Carl Quintanilla, the CNBC reporter who initially shared Treasury Secretary Steven Mnuchin's comments, amended his original transcription of Mnuchin's remarks to include a stated caveat about renegotiating the North American Free Trade Agreement. "To the extent we're successful in renegotiating NAFTA, those tariffs won't apply to Mexico and Canada," Quintanilla quoted Mnuchin as saying in his updated transcription. Our original story appears below.
Treasury Secretary Steven Mnuchin said Tuesday morning that Canada and Mexico would be exempted from President Trump's forthcoming tariffs. The tariffs, which Trump announced in a surprise move last week, would levy a 25 percent tax on steel imports and a 10 percent tax on aluminum imports.
Members of Trump's own party have criticized the move, as it may negatively affect allies and spark retaliatory taxes against American goods. Mnuchin told reporters in Washington, D.C., that "those tariffs won't apply to Mexico or Canada," per CNBC's Carl Quintanilla. "We're not looking to get into trade wars."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Politico's Jake Sherman noted that Mnuchin has been out of step with administration policy in the past — most notably during negotiations for the sweeping tax bill that passed last year — so his comments Tuesday must be taken with a grain of salt. But on Monday, the president himself hinted that Canada and Mexico could exempt themselves from the tariffs if they agree to renegotiate the North American Free Trade Agreement. "Tariffs on steel and aluminum will only come off if new and fair NAFTA agreement is signed," he wrote.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Create an account with the same email registered to your subscription to unlock access.
Kimberly Alters is the news editor at TheWeek.com. She is a graduate of the Medill School of Journalism at Northwestern University.
-
Hamas and Fatah sign unity agreement in Beijing
Speed Read China brokered a reconciliation deal between the rival Palestinian factions
By Arion McNicoll, The Week UK Published
-
The Earth just saw its hottest day on record
Speed Read July 21, 2024 was the hottest day in recorded global history
By Rafi Schwartz, The Week US Published
-
Bob Menendez to resign after corruption conviction
Speed Read The New Jersey senator submitted to resignation pressure following charges of federal bribery and corruption
By Rafi Schwartz, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published