Commerce Secretary Howard Lutnick says President Trump will "likely" delay tariffs on almost all imports from Canada and Mexico for a month—and that the 25% tariffs introduced Tuesday might be completely dropped. As stocks dropped sharply Thursday morning, Lutnick told CNBC that only reciprocal tariffs might be imposed if the White House decides the two countries have made enough progress stopping fentanyl from entering the US. He said he expects Trump to announce later in the day that goods covered by the US-Mexico-Canada Agreement "will not have a tariff ... until April 2," when reciprocal tariffs are due. A monthlong delay on car tariffs was announced Wednesday.
"Hopefully Mexico and Canada will have done a good enough job on fentanyl that this part of the conversation will be off the table and it will move just to the reciprocal tariff conversation," Lutnick said. The delay, or cancellation, of the tariffs would mark "a significant walkback of the administration's signature economic plan that has rattled markets, businesses, and consumers," as CNN puts it.
Canadian Prime Minister Justin Trudeau said Thursday that his phone call with Trump on Wednesday was "colorful" but "substantive," the CBC reports. He said Canada won't drop retaliatory tariffs until Trump drops his tariffs entirely. Trudeau warned that the country is likely to be in a trade war for "the foreseeable future." Trump has said retaliatory tariffs from Canada will be met with equal tariffs, on top of other tariffs, when reciprocal tariffs kick in. (More tariffs stories.)
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