U.S. President Donald Trump’s administration plans to exempt some products from sectoral tariffs, the Financial Times reported, as he prepares to face midterm elections with low approval ratings from Americans concerned about affordability. (Financial Times)

Talking point: Last summer, the White House hiked tariffs on steel and aluminum imports to the U.S. to 50 per cent, and later targeted 407 “derivative” products, including appliances and some auto parts, with sectoral tariffs. The FT’s sources said U.S. trade officials believe the levies have raised the price of consumer goods. The White House called the report “baseless speculation.” Aluminum is found in everything from food packaging to fighter jets, and most of the U.S.’s aluminum imports come from Canada. As a result, Canada’s aluminum sector has held up better than the steel industry, which has lowered production and lost jobs in response to lower demand, according to an analysis by Royal Bank economists.

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