Trump Announces Suspension of Mexico Tariffs Until April 2

Trump announced that tariffs on Mexican goods will be suspended until April 2. While it’s unclear if Canada is included, Commerce Secretary Lutnick remains optimistic. This decision follows Trump’s recent tariff exemptions for carmakers.

United States President Donald Trump announced the suspension of tariffs on goods imported from Mexico, extending until April 2. While he did not clarify if similar measures apply to Canada, Commerce Secretary Howard Lutnick expressed optimism that the suspension could encompass both neighboring countries. This decision marks a recent reduction in tariff pressure from the President, following his Wednesday announcement that carmakers would be temporarily exempt from a 25% import tax, just after its implementation.

According to Secretary Lutnick, there is potential for the temporary tariff exemption on car parts from Canada and Mexico to extend across all products under the United States-Mexico-Canada Agreement (USMCA). Established during Trump’s first term, the USMCA comprises 34 chapters, addressing various sectors including automobiles, dairy, and lumber, and incorporates a review every six years.

In his announcement on Truth Social, Trump stated, “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement.” This evolving situation regarding tariffs remains under continuous review, with updates expected shortly. Additionally, individuals can access breaking news via the BBC News App or through the Twitter handle @BBCBreaking.

In conclusion, President Trump has declared a suspension of tariffs on Mexican goods until April 2, with potential applicability to Canadian imports. This development highlights a recent easing of tariff-related restrictions, particularly for car manufacturers. The USMCA continues to serve as a framework for trade between the United States, Mexico, and Canada, emphasizing a collaborative trade environment.

Original Source: www.bbc.com