US President Donald Trump announced Thursday that the 25 percent tariff on most goods imported from Mexico has been postponed for a month. This decision was taken after talks with the Mexican president. At the same time, Canada will also not have to pay tariffs on some goods until April 2 (US Tariff on Canada and Mexico). Both countries have been given this exemption for those goods that come under the United States-Mexico-Canada Agreement (USMCA).
President Trump signed papers on Thursday that will postpone all tariffs on Mexico and Canada for about a month, which come under the USMCA free trade agreement.
America can cut tariffs: Lutnick.
US Commerce Secretary Howard Lutnick had already indicated that the President could cut some tariffs. Lutnick had said that the President could reduce some of the 25 percent tariffs imposed on Canada and Mexico as early as March 5.
Lutnick stressed that reciprocal tariffs, in which the US imposes import taxes on countries that impose tariffs on US exports, will come into effect from April 2. Immediately after Lutnick's statement, there was some stability in the US markets.
Trump's decisions caused a stir in the financial market.
This is the second time Trump has delayed the imposition of additional tariffs on imports by a month after announcing them in early February.
Trump said on Truth Social - "We are working hard together to stop illegal immigrants from entering the US at the border and to stop fentanyl." However, Trump's threats of frequently changing tariffs have shaken the financial markets and reduced consumer confidence. Also puts many businesses in an uncertain environment. This may delay recruitment and investment."
Trudeau hinted that there will be a trade war with America in the future.
On Thursday, Canadian Prime Minister Justin Trudeau hinted that he fears that his country will have a trade war with America in the future.
Trudeau described the Trump administration's move to suspend tariffs for a month as a "ray of hope", but also said that this means that the tariffs are still in place and so our response will also continue. He reiterated that until the unfair American tariffs on Canadian goods are removed, we will not back down from our retaliatory tariffs.
The US has imposed a 25 percent tariff on goods imported from Canada and Mexico since Tuesday (March 4). At the same time, the US has announced to impose a 20 percent tariff on Chinese goods. In return, all three countries have announced to take retaliatory action against the US.
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