Trump Delays Tariffs on Canadian and Mexican Goods
President Donald Trump exempted Mexican and Canadian goods covered under the North American Trade Agreement, known as the USMCA, from his 25% tariffs, giving a major relief to two of America’s biggest trading partners.
President Donald Trump exempted Mexican and Canadian goods covered under the North American Trade Agreement, known as the USMCA, from his 25% tariffs, giving a major relief to two of America’s biggest trading partners.
Trump signed orders Thursday cutting tariffs, many related to illegal immigration and fentanyl smuggling, that will remain in place until April 2. That’s the date the president is expected to begin unveiling plans for so-called reciprocal tariffs on countries around the world, as well as region-specific tariffs.
Question asked about the progress., on people coming in and drugs. We’ve made tremendous progress on both, He said in the Oval Office, referring to Canada and Mexico.
Decision Taken so Far
Automobiles and parts that meet USMCA requirements are among the products exempt from tariffs. Chemical name Potash, which is used heavily in fertilizers for U.S. agricultural producers, will have a reduced duty of 10%.
A White House official said about 62% of Canadian imports would be subject to tariffs, according to historical trade data, with most energy products subject to the 10% rate. However, the official cautioned that these proportions could change as importers rush to comply with the new rules.
Trump warned that the relief for automakers would be short-lived, saying he would not sign another extension next month.
As per Trump Statement “I told them that’s it, this is a short-term deal,” the president said, adding that he told auto executives not to come back and ask for relief again.
Yet the decision marks a significant reversal by Trump, who on Tuesday announced the biggest tariff hike in a century but backed off just 48 hours later as stocks tumbled and Republicans expressed concern about the economic consequences.
The president gave a reaction and said that I am not even looking at the market. and he said that foreign countries are robbing us, and that tariffs would put our Country in a stronger position.
He mentioned that there will always be a little disruption and we will manage that.
According to a White House official, exempting automobiles from tariffs was intended to minimize disruption to the industry and auto workers. The U.S., Mexico, and Canada have a deeply integrated auto supply chain and Detroit’s Big Three car companies had lobbied for weeks for a separate zone from the administration.
Trump decided to ease the tariffs after speaking with Mexican President Claudia Sheinbaum, Canadian Prime Minister Justin Trudeau and auto company executives.
Canada suspended its plans for a second round of retaliatory tariffs against the US after Trump’s announcement, though it maintains duties imposed on about US$20.9 billion worth of goods on Tuesday.
Commerce Secretary Howard Lutnick informed of the decision earlier on Thursday, saying Trump was considering waivers for both Mexican and Canadian goods under the agreement.
Lutnick said on CNBC that both Mexico and Canada “have offered us a lot of work to do on fentanyl.” The president has linked the tariffs, as well as the 20% duty on China, to commitments by the other three countries to crack down on the flow of illicit drugs and migration to the US.
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Trump Delays Tariffs on Canadian and Mexican Goods,Trump Delays Tariffs on Canadian and Mexican Goods
Trump Delays Tariffs on Canadian and Mexican Goods,Trump Delays Tariffs on Canadian and Mexican Goods