Trump Says 'Our Country Was Built on Tariffs'
President Donald Trump said in an Aug. 15 tweet that tariffs are leading to great new trade deals. "Our Country was built on Tariffs," he said. "Other Countries should not be allowed to come in and [steal] the wealth of…
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our great U.S.A. No longer!" So far, no new trade deal has been finalized during the Trump administration, though South Korea agreed to steel quotas and a longer period of high tariffs on imported trucks as part of a revised U.S.-Korea Free Trade Agreement (KORUS). KORUS has not been signed, however. Canada, Mexico and the U.S. have been discussing a new NAFTA for a year; Canada is insistent that the U.S. will not use the leverage of Section 232 steel and aluminum tariffs in NAFTA negotiations (see 1804260010).