Trump 'likely' to defer tariffs on goods under US-Mexico-Canada pact
World news: This comes after Canada said that it will impose tariffs on US imports starting Tuesday, in retaliation to the levies announced by Trump, said Prime Minister Justin Trudeau, highlighting that there's no justification for Washington's actions.
US President Donald Trump will likely defer tariffs on Canada and Mexico for all goods and services under the USMCA trade agreement, said Commerce Secretary Howard Lutnick.
He said that Trump is expected to take a decision, on Thursday (Mar 6), on the one-month exclusion from the 25 per cent tariffs imposed on both the countries.
"It's likely that it will cover all USMCA compliant goods and services, so that which is part of President Trump's deal with Canada and Mexico are likely to get an exemption from these tariffs," Lutnick told CNBC.
He said that he, along with Trump, will have a discussion with their Mexican counterparts on Thursday and that both Canada and Mexico have “offered us an enormous amount of work on fentanyl.”
Canada announces retaliatory tariffs for US
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This comes after Canada said that it will impose tariffs on US imports starting Tuesday, in retaliation to the levies announced by Trump, said Prime Minister Justin Trudeau, highlighting that there's no justification for Washington's actions.
"Canada will not let this unjustified decision go unanswered. Should American tariffs come into effect tonight, Canada will, effective 12:01 a.m. EST tomorrow, respond with 25 per cent tariffs against $155 billion of American goods – starting with tariffs on $30 billion worth of goods immediately, and tariffs on the remaining $125 billion on American products in 21 days’ time," Trudeau said in a statement.
Canada's retaliation includes imposing 25% tariffs on C$30 billion worth of US goods from Tuesday (Mar 4), while tariffs on the remaining C$125 billion worth of products to follow in 21 days.
Trudeau, further in his statement, said that because of the tariffs imposed by Trump, the Americans will have to pay more for groceries, gas, and cars, and potentially lose thousands of jobs.
“Because of the tariffs imposed by the U.S., Americans will pay more for groceries, gas, and cars, and potentially lose thousands of jobs. Tariffs will disrupt an incredibly successful trading relationship. They will violate the very trade agreement that was negotiated by President Trump in his last term,” the Canadian prime minister said.
(With inputs from agencies)