U.S. Commerce Secretary Howard Lutnick said Thursday in a television interview that President Donald Trump will “likely” suspend the 25% tariffs on Canada and Mexico for most products and services for a month, broadening an exemption that was granted on Wednesday only to autos.
In an interview on CNBC, Lutnick said the one-month delay in the import taxes “will likely cover all USMCA-compliant goods and services,” referring to the trade agreement Trump negotiated in his last term that replaced NAFTA. Lutnick estimated that more than half of what the U.S. imports from those two countries would be eligible for the exemption.
For companies with products that comply with the trade agreement, “you will get a reprieve from the tariffs now,” he said.
Lutnick added that Trump is expected to speak with Mexico’s president Claudia Sheinbaum later Thursday and could make an announcement afterwards.
