Trump says tariffs will come off if new NAFTA deal is signed

US says time running short for NAFTA talks, floats bilateral deals

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Mr Trump's announcement last week that he would tax imported steel and aluminium has prompted worldwide reaction.

Trump, in an Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu, said Monday that he wouldn't back down on his proposals. Stocks across the globe rose on Monday, however, after four days in decline as investors saw the tariff threats as a US negotiating tactic and not a done deal and as pressure grew on Trump to back off. Our friends and enemies have taken advantage of the USA for many years.

"One, an exemption for Australia, and two, more broadly, to step back a trade war here would be very damaging to everybody involved including the United States". "I don't think you're going to have a trade war", he added, without elaborating.

But in a noteworthy break with the president, a fellow Republican, House Speaker Paul Ryan, warns just the opposite. "The new tax-reform law has boosted the economy, and we certainly don't want to jeopardize those gains".

Adding the costs of tariffs may make them too expensive for American companies to buy, hurting Canada and other USA trade partners, or they may add to the cost of US manufactured goods and construction projects if the costs are passed along to the final consumer.

He says the metals duties will only be removed on the American neighbors to the north and south until a "new and fair" free trade agreement is signed.

The President didn't specify Monday whether the potential tariff rollback would be applied only to Mexico and Canada.

"We shall see. We shall see".

"But right now, 100 percent, but it could be a part of NAFTA". "We had a very bad deal with Mexico, we had a very bad deal with NAFTA", the North American Free Trade Agreement with Mexico and Canada.

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Canadian Prime Minister Justin Trudeau, left, and Mexican President Enrique Pena Nieto make a toast following a meeting at the presidential palace in Mexico City on October 12, 2017. That was because at that stage even senior members of the Trump administration hadn't been given the details of the President's plans. They argue that other industries that rely on steel and aluminum products will suffer.

Mexican President Enrique Pena Nieto and President Donald Trump hold a meeting on the sidelines of the G20 Summit in Hamburg, Germany, on July 7, 2017. "China wins when the American consumer has higher prices because of tariffs that don't affect Chinese behavior".

"He has made a decision at this point, 25 and 10", said Commerce Secretary Wilbur Ross, speaking Sunday on NBC's Meet The Press.

"It's some $3 billion of goods that the Europeans have threatened to put something on".

Stocks in Shanghai edged up after Beijing set an annual growth target for the world's No. 2 economy of "around 6.5 percent" for 2018. Much of the aluminum used in the US comes from Canada.

Canadian Prime Minister Justin Trudeau, left, and President Donald Trump during their meeting at the White House in Washington, D.C., on October 11, 2017.

Canada said tariffs would cause disruption on both sides of the border. Industries that use steel and aluminum in manufacturing, whose jobs outnumber those in metals production - say increased costs will force them to raise prices. "The Canadian government will continue to make this point directly with the American administration at all levels".

The S&P 500 ended another rocky week on an upbeat note on Friday, but major indexes still posted their worst week of losses since early February after Trump promised tariffs on aluminum and steel and talked bullishly about "winning" a trade war economists say could decimate growth.

"I understand if we get a great NAFTA agreement, and (US Trade Representative Robert) Lighthizer is trying to do that, that would be a great thing for the American people, but at this point in time, 25% on steel, 10% on aluminum, no country exclusions, firm line in the sand", Navarro told Fox News' "Fox and Friends" Monday morning.

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