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Treasury Secretary Steven Mnuchin says the U.S. is making progress in talks with Canada and Mexico over steel tariffs, potentially overcoming a key hurdle toward approval of a trade agreement between the three countries.
Appearing before a Senate Appropriations subcommittee Wednesday, Mnuchin also said he expects to soon travel to Beijing with U.S. Trade Representative Robert Lighthizer to resume negotiations on the trade dispute between the U.S. and China.
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The positive comments on trade from Mnuchin helped turn losses on Wall Street into gains by midday.
The U.S. has negotiated a trade deal with Mexico and Canada to replace NAFTA. But some U.S. lawmakers say they won’t vote to approve the deal unless the U.S. lifts tariffs on steel from the two countries put in place last year.