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5/15, 5:08 PM (Source: TeleTrader)
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US 'close' to Canada, Mexico tariff understanding - Mnuchin

United States Treasury Secretary Steven Mnuchin said that the US is "close" to reaching an understanding on tariffs with Canada and Mexico, according to media reports on Wednesday.

Mnuchin stated that the tariffs involved would be related to aluminum and steel, which have been unresolved thus far. He also said that US negotiators were likely to travel to Beijing soon to continue negotiations with China, as was stated in previous reports, and that President Donald Trump's ultimate goal with his trade policy was to have "free and fair trade" with China. Mnuchin added that negotiators were "very close to a historic agreement with China that would be good for us and good for them" a few weeks ago but that "things had gone in a different direction" since then.

Mnuchin's remarks come after reports earlier in the day hinted that the Trump administration may delay imposing tariffs on auto imports for up to six months. Trade Representative Robert Lighthizer is also set to meet Canadian Foreign Minister Chrystia Freeland and House Speaker Nancy Pelosi later in the day to discuss US-Canada trade relations, including aluminum and steel tariffs, and the United States–Mexico–Canada Agreement (USMCA), among other issues.

Breaking the News / DZ