After imposition of tariff, Mexico and Canada promised retaliation against Donald Trump's decision. But the US has been in touch with both the countries and may announce some relief.
US Commerce Secretary Howard Lutnick said President Donald Trump could scale back some of the 25 per cent tariffs that he imposed on Canada and Mexico. Lutnick said that the same could happen during Trump라이브 바카라 address in the Congress since the two nations were trying to show that they’ll do better.
Trump's new 25 per cent tariffs on Canadian and Mexican imports took effect on March 4, along with a doubling of duties on Chinese goods to 20 per cent. As a result, the three countries have announced retaliatory measures against the US in a move that could slam economic growth and lift prices for Americans still smarting from years of high inflation.
Lutnick, in an interview with Fox Business said, "Now, both the Mexicans and the Canadians were on the phone with me all day today, trying to show that they'll do better, and the President is listening."
"So I think he's going to work something out with them. It's not going to be a pause. But I think he's going to figure out you do more, and I'll meet you in the middle somewhere, and we're going to probably be announcing that tomorrow (Wednesday)," he said.
Trump will be addressing the joint session of Congress, his first after returning to the White House on January 20. During the address on Tuesday night (7.30 am IST) in the House of Representatives, the President will lay out his administration's agenda for the next four years, as well as highlight his tariff agenda, efforts to curb the fentanyl overdose crisis and a Ukraine minerals deal.
Trade War
President Trump launched a trade war against Canada, Mexico and China, the US's three biggest trading partners, drawing immediate retaliation and sending financial markets into a frenzy.
Just after midnight, Trump imposed 25 per cent taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10 per cent on Canadian energy. Trump also doubled the tariff he slapped last month on Chinese products to 20 per cent.
While Canadian Prime Minister Justin Trudeau announced that his government would impose tariffs on more than $100 billion of American goods over the course of 21 days, Mexican President Claudia Sheinbaum said she would respond to the new taxes with its own retaliatory tariffs on Sunday. "At the same time, they are talking about working positively with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make that make sense,” a visibly angry Trudeau said as quoted by AP.
Meanwhile, China not only retaliated with tariffs of up to 15 per cent on American farm exports, but also expanded the number of US companies subject to export controls and other restrictions by about two dozen.