Commerce Secretary Howard Lutnick suggested that President Trump may announce exceptions to the recent 25% tariffs on Canada and Mexico, indicating a shift in U.S. trade policy. In an interview, Lutnick mentioned that sectors like autos could be spared from these import taxes. On April 2, Trump plans to unveil 'reciprocal' tariffs, which could escalate global tariff rates while maintaining trade tensions. The Canadian government insists on complete removal of tariffs as a resolution, reflecting significant diplomatic stakes.
The Canadian government indicated that nothing less than the removal of the tariffs was acceptable. "We’re not interested in meeting in the middle and having some reduced tariff. Canada wants the tariffs removed," Canadian Finance Minister Dominic LeBlanc told the Canadian Broadcasting Corporation.
Lutnick said that Trump would update his tariff plans with an afternoon announcement, possibly sparing sectors such as autos from the import taxes.
Lutnick said to expect Trump to announce his decision Wednesday afternoon. He emphasized the flexibility in considering sector-specific relief from tariffs until a later date.
"There are going to be tariffs, let's be clear," Lutnick said. "But what he's thinking about is which sections of the market that can maybe -- maybe -- he'll consider giving them relief until we get to, of course, April 2."
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