President Trump has suspended tariffs on Mexican goods under the USMCA until April 2, with hopes for Canada to be included. This follows a recent exemption for car manufacturers from a 25% import tax. The USMCA involves periodic reviews and covers multiple sectors.
U.S. President Donald Trump has announced a month-long suspension of tariffs on goods from Mexico that fall under the U.S.-Mexico-Canada Agreement (USMCA), effective until April 2. While it is unclear if this suspension also applies to Canada, Commerce Secretary Howard Lutnick expressed optimism regarding a potential extension to both neighboring countries.
In a related move, Trump recently exempted car manufacturers from a 25% import tax that was set to begin on Wednesday, marking a significant shift in his tariff policy over a short period. Lutnick indicated that the blanket exemption could extend to all products covered under the USMCA, which encompasses various sectors such as automobiles, dairy, and lumber.
The USMCA, established during Trump’s first presidential term, contains 34 chapters and mandates a review every six years. On social media, 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.”
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Trump’s announcement reflects a significant suspension of tariffs affecting Mexico and potentially Canada under the USMCA. This decision aligns with recent actions to alleviate tariffs on car manufacturers. The ongoing developments highlight the fluid nature of U.S. trade policies, particularly in relation to neighboring countries.
Original Source: www.bbc.com
