 "Trump may scale back Canada, Mexico tariff by today, says US Commerce Secretary")
US Commerce Secretary Howard Lutnick said President Donald Trump might reduce some of the 25 per cent tariffs on Canada and Mexico as early as today, as both countries were “trying to show they’ll do better.”
Trump’s new 25 per cent tariffs on Canadian and Mexican imports began on Tuesday, along with an increase in duties on Chinese goods to 20 per cent.
In response, all three countries have announced countermeasures against the US, resulting in a tariff war between the nations. This could slow economic growth and raise prices for US residents who are already struggling with high inflation.
Lutnick made the statement about the tariffs during an interview with Fox Business on Tuesday.
Lutnick said, “Now, both the Mexicans and the Canadians were on the phone with me all day today, trying to show that they’ll do better, and the President is listening.”
“So I think he’s going to work something out with them. It’s not going to be a pause. But I think he’s going to figure out—you do more, and I’ll meet you in the middle somewhere—and we’re probably going to be announcing that tomorrow,” he said.
President Trump launched a trade war on Tuesday against Canada, Mexico, and China—the US’s three biggest trading partners—triggering immediate retaliation and shaking financial markets.
Trump imposed a 25 per cent tariff on Mexican and Canadian imports, though Canadian energy products faced a lower 10 per cent tax. He also doubled last month’s tariff on Chinese goods to 20 per cent.
Impact Shorts
More ShortsIn response, Canadian Prime Minister Justin Trudeau announced tariffs on over $100 billion worth of American goods within 21 days, while Mexican President Claudia Sheinbaum said Mexico would impose its own retaliatory tariffs on Sunday.
China also hit back, placing tariffs of up to 15 per cent on US farm exports and expanding restrictions on about two dozen American companies.
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