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Global Markets: Trump sending mixed signals about tariff exemptions

WINNIPEG, Mar. 5, 2018 (CNS), Mar 05, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The following is a glance at the news moving markets in Canada and globally.

United States President Donald Trump appeared to suggest Monday that Canada and Mexico could win exemptions on his planned steel and aluminum tariffs if the two countries sign a new North American Free Trade Agreement and take other steps. The comments were made as the U.S., Canada and Mexico were wrapping up the latest rounds of NAFTA talks and as world stock markets dipped again.

However a top trade advisor to Trump said a process will be in place for businesses to get exemptions from the steel and aluminum tariffs. Peter Navarro, director of the White House National Trade Council, said countries will not be excluded from the tariffs because that would become a slippery slope, but there will be a mechanism for corporate exemptions in some cases.

Mexico's foreign minister said Monday that dealing with drug trafficking is a shared responsibility between the U.S. and Mexico after criticism by Trump. Luis Videgaray, who oversees foreign relations for Mexico, wrote in a post on Twitter that the U.S. and Mexico must work together to stem the flow of narcotics and weapons between the countries.

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