It’s on like donkey kong.
After a day of uncertainty, The Wall Street Journal confirms that President Trump is expected to sign a new proclamation Thursday afternoon (at 330ET) outlining his plan to impose new tariffs on steel and aluminum, according to a White House official familiar with the planning.
Critically, the US equity market ramped exuberantly this afternoon after White House press secretary Sarah Huckabee Sanders said Wednesday there may be “potential carveouts” for Mexico, Canada and possibly other countries.
However, The Wall Street Journal confirms that officials said it was unclear whether that would be addressed on Thursday; Mr. Trump may take additional action later to give national-security exemptions on a country-by-country basis.
Invitations were issued Wednesday afternoon for the Thursday event, which will include industry executives and workers. There is no sunset provision for the tariffs or review period stipulated in the proposal, the White House official said.
Divisions also remain within Mr. Trump’s cabinet.
Critics have said the tariffs, issued under the guise of national-security considerations, will damage relationships with Canadian and European allies, slow economic growth and harm American metal-consuming industries.
But President Trump seems undeterred.
And furthermore, this news comes after House Ways & Means Chair Brady managed to gatherHouse Ways & Means Chair Brady managed to gatherto urge Trump to target tariffs to just “bad actors” like China.
House Ways and Means Committee Chairman Kevin Brady (R-TX), Trade Subcommittee Chairman Dave Reichert (R-WA), and 105 additional House Republicans today reinforced the need to take action against China and other unfair trading partners while expressing concerns that broad tariffs could harm America’s jobs, manufacturers, and consumers.
Upon sending a letter to President Trump, Chairman Brady said:
“We applaud President Trump for standing up against bad actors who trade unfairly and hurt America. We’re writing today to say: we stand with you in taking tough action to keep America safe and our economy strong. At the same time, we’re urging the President to tailor these tariffs so American businesses can continue to trade fairly with our partners, sell American-made products to customers all over the world, and hire more workers here at home.”
