UPDATED at 4:18pm: The President has issued his order imposing tariffs, but as predicted they are more symbolic than first feared. He will exempt Canada and Mexico and the order allows other countries to negotiate exceptions. There's a great deal of wiggle room in the order for other countries.
After massive outraged expressed by both congressional Republicans and business leaders, President Trump is suddenly getting cold feet on tariffs. A White House source says the President has asked the trade team to slow down and re-examine the impact. Nothing will be made final today. Kristen Welker of NBC News notes that any Presidential proclamation today will be largely symbolic.
At issue, the President wants to examine a carve out for Canada and Mexico so they would not be affected, though doing so would largely render any new tariffs meaningless. Canada is number one when it comes to imported steel into the United States. Likewise, the President has been warned, again, that the United States stands to lose massively more jobs than the tariffs would protect.
So what started as a definite move today at the White House has now been thrown into limbo as the President gets cold feet. To save some face, he may sign a symbolic proclamation, but it is no longer expected to be the massive imposition of tariffs many feared. The story, as they say, is still developing…