After two days of steep stock market drops, President Trump might be preparing to pull back on his 25% tariffs on imports from Canada and Mexico. Commerce Secretary Howard Lutnick said Tuesday that Trump plans to "meet in the middle" with the two countries and an announcement will probably be made Wednesday, the Wall Street Journal reports. Lutnick told Fox Business that he thinks Trump is "going to work something out with them," but "it's not going to be a pause."
Lutnick and other officials have said the tariffs are linked to fentanyl coming across the border. "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's listening, because you know he's very, very fair and very reasonable," Lutnick said. He cited the US-Mexico-Canada trade pact from Trump's first term, Bloomberg reports. "If you live under those rules, then the president is considering giving you relief," Lutnick said. "If you haven't lived under those rules, well, then you have to pay the tariff."
Trump paused the tariffs for a month after they were unveiled in February, but he said Monday, before the tariffs kicked in at midnight, that was "no room left" for negotiations. Canada and Mexico announced retaliatory tariffs on Tuesday, with Canadian Prime Minister Justin Trudeau calling Trump's tariffs "a very dumb thing to do." Trump also doubled his earlier 10% tariff on imports from China, and Beijing responded with tariffs of up to 15% on American food imports. Lutnick, pointing to the country's role in fentanyl production, said he didn't expect immediate tariff relief for China, Politico reports. (More tariffs stories.)
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