Trump: Tariffs will 'come off' only if there's a 'fair' NAFTA agreement

President Trump on Monday tweeted that his recently declared tariffs on steel and aluminum could be removed if nations agree to a “fair” North American Free Trade agreement.

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

“Also, Canada must treat our farmers much better. Highly restrictive. Mexico must do much more on stopping drugs from pouring into the U.S. They have not done what needs to be done. Millions of people addicted and dying,” the president continued.

The comment comes days after he took most by surprise in declaring that he will be instituting a 25% tariff on steel and a 10% tariff on aluminum imports.

Shortly after his remarks, the stock market dropped over 400 points over fears of a trade war.

While Trump appears to be willing to negotiate, White House National Trade Council Director Peter Navarro has stressed that, for now, the tariffs stand.

“I understand if we get a great NAFTA agreement, and (US Trade Representative Robert) Lighthizer is trying to do that, that would be a great thing for the American people, but at this point in time, 25% on steel, 10% on aluminum, no country exclusions, firm line in the sand,” he told Fox news Monday morning.