U.S. Secretary of Commerce Howard Lutnick states that American leader Donald Trump is likely to exempt Canadian and Mexican goods and services from tariffs that comply with the "U.S.-Mexico-Canada Agreement" (USMCA), negotiations regarding the North American Free Trade Agreement (NAFTA), concluded during his first term. The exemption will last only one month. This was reported by The Hill, writes UNN.
"It is quite likely that it will apply to all goods and services that meet the requirements of the USMCA, so those that are part of President Trump's agreement with Canada and Mexico are likely to receive exemptions from these tariffs," Lutnick said.
Lutnick's statement followed Trump's decision to exempt North American automakers that meet the USMCA requirements from new tariffs.
Reminder
On March 4, tariffs imposed by the U.S. against Canada and Mexico came into effect. In response, Canada will impose a 25% tariff on American goods worth $155 billion.
Later it became known that the Trump administration is considering granting automakers a one-month delay from the recently imposed tariffs on Mexico and Canada. This move is a temporary postponement in response to requests from industry leaders.