President Donald Trump Commerce Secretary Howard Lutnick said Tuesday it would “possibly” announce a tariff compromise deal with Canada and Mexico.
Potential deals could involve scaling at least a portion of Trump’s brand new 25% tariff He added that it was imported from Mexico and Canada.
Lutnik’s comment was posted for a few minutes US stock market At least to some extent, the sharp decline of the next day fell the next day, investors feared Trump’s aggressive policies would spark a serious trade war.
Lutnick said on the Fox Business that the compromise with Canada and Mexico is likely to be revealed on Wednesday.
Although the cabinet secretary did not specify what Trump agreed to, he suggested that the U.S. president would be willing to meet Canada and Mexico in the “middle”. He also appears to have cancelled the possibility of Trump raising tariffs altogether.
The Trump administration re-examined the 25% tariff on Canadian and Mexico imports on Tuesday after they paused for a month.
Trump uses tariffs as an all-round negotiation tool based on policy accusing neighbors of failure to stop drug and crime from flowing into the U.S.
“Mexicans and Canadians are on the phone all day today trying to show that they will do better,” Lutnik said Tuesday afternoon.
“The president is listening because he knows, he’s very, very fair, very reasonable. So I think he’s going to do something with them.”
Lutnick described a deal that Canada and Mexico agreed to “do more” when Trump will “somehow meet you.”
“We may announce tomorrow,” he said.
Lutnik said the news will not be paused.
The comments came hours before Trump set a prime time speech for the joint meeting of Congress.
This is developing news. Please check it for updates.
