President Trump announced a month-long suspension of tariffs on goods from Mexico under the USMCA, effective until April 2. Commerce Secretary Howard Lutnick hopes this suspension will also apply to Canada. This decision follows recent tariff exemptions for car manufacturers and reflects ongoing adjustments in trade policy.
In a recent announcement, United States President Donald Trump declared that Mexico will be exempt from paying tariffs on goods covered by the trade pact with Canada until April 2. It remains unclear whether this suspension extends to Canada as well; however, Commerce Secretary Howard Lutnick expressed hope that it would include both neighboring countries.
This marks the second concession by President Trump regarding tariffs in less than 48 hours. Following his announcement regarding car manufacturers being spared from the 25% import taxes, he reiterated his stance on temporary tariff exemptions. Lutnick mentioned in a CNBC interview that the waiver for car part imports from Canada and Mexico could potentially be broadened to all items under the United States-Mexico-Canada Agreement (USMCA).
The USMCA, created during Trump’s initial tenure, encompasses various sectors, including automotive, dairy, and lumber, with a provision for reviews every six years. On his Truth Social platform, Trump confirmed the exemption after discussions with Mexican President Claudia Sheinbaum, stating, “Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement.”
This developing story is being continuously updated, and further details will be provided soon. For real-time updates, readers can access the BBC News App on smartphones or tablets, or follow @BBCBreaking on X for the latest notifications.
President Trump’s recent decision to suspend tariffs on Mexico until April 2 signals a shift in trade policy, potentially extending similar exemptions to Canada. This latest announcement adds to a series of recent tariff concessions, including exemptions for car manufacturers, and reflects ongoing negotiations under the USMCA framework. Monitoring further developments will be crucial as the situation evolves.
Original Source: www.bbc.com
