U.S. Secretary of Commerce Howard Lutnick stated that reaching a consensus 'somewhere in the middle' is a likely outcome for possible modifications to U.S. tariffs on Canada and Mexico. He emphasized that certain industries may be granted exceptions, as reported by CTV News. 'There are going to be tariffs, let's be clear,' Lutnick asserted during a live interview with Bloomberg Wednesday morning.
'It will be 25%, but there will be categories left out; it could well be autos, it could be others as well,' he elaborated, outlining his team's expectations. Lutnick anticipates that a decision from U.S. President Donald Trump and a subsequent announcement regarding the next steps in the tariff dispute are imminent, expected later today.
He connected potential exemptions from tariffs to the Canada-U.S.-Mexico free trade agreement, indicating that adherence to the agreement's rules on a sector-by-sector basis might result in certain exemptions. 'USMCA, go look at that, that was the agreement we made,' he reiterated. 'Everyone who didn't live under those terms, did so at their own risk.' This ongoing discourse around tariffs reflects the complexities and nuances involved in international trade, particularly within North America.
Businesses and stakeholders across various sectors remain vigilant as developments unfold, gauging their potential impacts. Lutnick's insights highlight the delicate balance policymakers must navigate when addressing trade relations, underscoring the importance of strategic negotiations in fostering cooperative frameworks while safeguarding national interests..