Mary Turner | Reuters
U.S. Commerce Secretary Wilbur Ross, speaks at the Conferation of British Industry’s annual conference in London, Britain, November 6, 2017.
Commerce Secretary Wilbur Ross told CNBC on Wednesday that President Donald Trump has indicated a degree of flexibility on tariffs for Canada and Mexico.
“We’re not trying to blow up the world. There’s no intention of that,” Ross said in an interview with CNBC’s “Squawk Box.” “The president indicated the other day he has a willingness to provide an exemption to Canada and Mexico.”
Late Tuesday, Gary Cohn announced his resignation as White House chief economic advisor after he clashed with President Trump’s protectionist advisors on the issue of steel and aluminum tariffs.
The Commerce Department recommended imposing heavy tariffs or quotas on foreign producers of steel and aluminum last month in the interest of national security. Ross said at the time that steel is, in fact, important to U.S. national security and that current import flows are adversely impacting the steel industry.
Shortly after Trump announcing the tariffs, Ross told CNBC the plan for tariffs of 25 percent on imported steel and 10 percent on aluminum products are “no big deal.” He used a can of Campbell’s Soup to stress his point about what he called insignificant price increases from Trump’s tariffs.
On Wednesday, the European Union outlined a three-pronged response to the proposed tariffs from Trump’s administration, mentioning items such as peanut butter, cranberries, and orange juice that could see higher charges in Europe.
This is a developing story. Please check back for updates.
