Mnuchin: Tariffs won't apply to Mexico or Canada if NAFTA renegotiations are successful

Mnuchin on speaking before the House appropriations committee

Did Treasury Secretary Steve Mnuchin just undercut the President?

He said, "As the President just announced, Canada is very significant partner that buys steel and sells steel. To the extent that we're successful in renegotiating NAFTA, those tariffs won't apply to Mexico or Canada

"We are not looking to get into trade wars, we are looking to make sure US companies can compete fairly around the world," he said.

That's similar to what Trump tweeted yesterday.

Here's the problem. The tariffs are coming soon -- perhaps this weekend. NAFTA just finished up a round of talks and there's no realistic path to finish an agreement in the next month then talks could go on hold for months due to elections.

What will be key in Trump's tariff announcement will be what happens in the interim? Will the tariffs apply now? Or will there be a waiver while NAFTA negotiations continue?