Commerce Secretary Howard Lutnick said Sunday he expects the United States to impose tariffs on Canada and Mexico on Tuesday, but that the situation is “fluid” and President Donald Trump will determine the levels.
“There are going to be tariffs on Tuesday on Mexico and Canada,” Lutnick told Fox News’ Maria Bartiromo on “Sunday Morning Futures.” “Exactly what they are, we’re going to leave that for the president and his team to negotiate.”
Trump’s proposed tariffs from February consisted of a 25% duty on all imports from Mexico and most from Canada (energy products were to have a 10% tariff), along with a new 10% tariff on Chinese goods. Tariffs on Canada and Mexico were delayed for a month, but Trump did enact a new 10% across-the-board tariff on Chinese products.
Lutnick also indicated that an additional 10% tariff on Chinese imports remains on the table for Tuesday.
Economists expect tariffs placed on America’s top three trading partners will make goods, including shoes, electronics, groceries and vehicles more expensive. Tariffs could hurt American consumers and businesses who, despite easing inflation rates, still feel the effects of long-term inflation.
Also on Sunday, Treasury Secretary Scott Bessent told CBS News’ Margaret Brennan that Mexico has offered to match the United States with tariffs on China, and if Canada does the same, “that would be a very good start.”
Mexico and Canada could impose such tariffs “by Tuesday, or maybe the tariff wall goes up, and then we see what happens from there,” Bessent said on “Face the Nation.”
Bessent said the Treasury Department would appoint an “affordability czar” to address continued inflationary pressures. The czar, he said, would “pick the five or eight areas where this administration can make a difference for working-class Americans.” He also floated the idea of an “affordability council.”
Bessent has said Americans should not be worried about facing increased prices because tariffs did not affect the price of goods during Trump’s first administration. But an analysis of government data in January 2020 by the free-trade coalition Tariffs Hurt the Heartland showed US companies paid $46 billion more in tariffs than they would have without Trump’s tariffs.
“It’s a holistic approach. There will be tariffs, there will be cuts in regulation, there will be cheaper energy,” said Bessent. “I’m expecting inflation to continue dropping over the year.”
Source link : https://edition.cnn.com/2025/03/02/business/trump-tariffs-mexico-canada-china/index.html
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Publish date : 2025-03-02 05:35:00
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