President Donald Trump and Howard Lutnick on Feb. 3. (Evan Vucci/AP)
President Donald Trump is likely to defer tariffs on Canada and Mexico for all goods and services covered by the North American trade agreement known as USMCA, Commerce Secretary Howard Lutnick said.
Trump will decide March 6 on the scope of a one-month exemption on 25% tariffs imposed this month on the U.S.’s two largest trading partners, Lutnick said in an interview with CNBC. “I think it’s likely it will cover all USMCA-compliant goods and services,” he said.
Lutnick said he and Trump would be speaking with their Mexican counterparts later March 6 and that both Mexico and Canada “offered us an enormous amount of work on fentanyl.”
Trump earlier spoke with Canadian Prime Minister Justin Trudeau. The U.S. president previously offered a one-month exemption to automobiles covered by USMCA.
