(Jenny Leonard – Bloomberg)
President Donald Trump’s threat to impose sweeping new tariffs on imported automobiles may be an attempt to pressure his NAFTA partners into striking a deal that would help drive manufacturing jobs back to the U.S.
Trump directed Commerce Secretary Wilbur Ross on Wednesday to initiate a so-called Section 232 national security investigation into imports of cars, trucks and vehicle parts that could possibly lead to tariffs.
These investigations can take months to conclude. In the meantime, the clock is ticking to clinch a NAFTA deal that can be voted on by the current Congress this year. An agreement over auto-production rules has been one of the key sticking points in nine months of talks. Click here to read more.