President Trump said Monday that tariffs he announced on steel and aluminum imports will “come off” Mexico and Canada if there is “a new & fair” North American Free Trade Agreement (NAFTA).

“We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A.,” Trump wrote on Twitter.

“Massive relocation of companies & jobs. Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed.”

Trump last week announced a plan to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, a move that shook both Washington, D.C. and the global markets.

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