Speed Reads

tariff talk

Seeking new trade deals, Trump reconsiders tariffs on metal, auto industries

The self-proclaimed "Tariff Man" is slowing down a bit.

President Trump scaled back on the global trade war on Friday, lifting tariffs on metal imports from Canada and Mexico and delaying for six months a decision to impose tariffs on automobiles from Europe, Japan, and other countries. Canada and Mexico reportedly agreed to remove all retaliatory tariffs on U.S. goods, in turn.

Trump had previously described the metal tariffs as a source of leverage during negotiations for a new free trade agreement to replace NAFTA, but a bipartisan refusal to sign off on such a deal until the tariffs were lifted reportedly swayed Trump.

As for the auto tariffs, Trump will once again decide whether to implement them in November as he seeks new agreements with the European Union and Japan. The decisions will also allow Trump and his administration to focus more heavily on reaching a trade agreement with China, though Trump has not backed down from imposing tariffs on Chinese goods, despite the fallout they have caused for many American farmers, The New York Times reports.