Commerce Secretary Howard Lutnick said a decision was expected this afternoon on the newly instated 25% tariffs on Canada and Mexico, and hinted at a possible compromise involving exemptions for some products.
“My thinking is it’s going to be somewhere in the middle. So not 100% of all products and not none,” he said on Bloomberg TV early Wednesday.
President Trump hasn’t, so far, indicated he plans to roll back either the taxes on Canadian and Mexican imports, or the extra 10% tax on Chinese goods. These all went into effect Tuesday, shaking up financial markets.
U.S. stocks rose early Wednesday, recouping a little of the previous session’s losses, as investors monitored the rapid tariff developments.
Trump made a brief reference to the prospect of higher consumer prices because of his tariffs in a Congressional speech late Tuesday. “There will be little disturbance,” he said. “We’re okay with that.”
The president also said he would move forward with his plan on reciprocal tariffs, adjusting U.S. levies to match those of other countries.
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