As previously reported, NYT confirms that President Trump is expected to formally sign off on imposing tariffs on steel and aluminum imports at noon on Thursday, although “advisers close to the White House emphasized that the timing could change.”
The tariffs, however, would not go into effect immediately, however, with a two-week implementation period required under the statue that gives the president authority to impose the measures. That could give countries or companies a chance to submit input and try to sway the administration’s plan, according to the people familiar with the deliberations.
However, more notably, both the loonie and peso moved sharply, with the USDCAD dipping from 1.2960 to 1.2920 and USDMXN, 18.7860 towards 18.7300, following comments from Sarah Sanders that potential carveouts for Mexico and Canada are being discussed, which again echoes what President Trump said yesterday.
As some noted, however, Sanders did seem to strike a more conciliatory tone in saying that tariff plans will be executed on a “country by country basis” considering national security (which investors take to mean allies).
NEW: Press Sec. Sanders says Pres. Trump expected to “sign something by the end of the week” on tariffs, says some countries will have potential carve outs based on national security. https://t.co/YPiDzAZ6KA pic.twitter.com/vFps2QAIJ4
— ABC News Politics (@ABCPolitics) March 7, 2018
The news that some allies may be exempt also helped push stocks higher on the day.
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Stocks Spike After White House Says Mexico, Canada May Be Exempt From Tariffs