U.S. to Impose Tariffs on Canada and Mexico; Treasury Secretary Introduces Affordability Czar

The U.S. is set to impose tariffs on Mexico and Canada, expected to begin on Tuesday, as announced by Commerce Secretary Howard Lutnick. President Trump will determine the specific tariffs. Treasury Secretary Scott Bessent suggested appointing an ‘affordability czar’ to help manage inflation and the impact of tariffs on consumers and businesses.

Commerce Secretary Howard Lutnick announced on Sunday that tariffs on Mexico and Canada are expected to be implemented on Tuesday, although the situation remains subject to change. He stated, “There are going to be tariffs on Tuesday on Mexico and Canada,” leaving the specifics to be negotiated by President Donald Trump and his team.

In summary, the anticipated tariffs on Mexico and Canada, along with potential actions on Chinese imports, may adversely affect American consumers and businesses by increasing the prices of essential goods. The Treasury Department’s proposed ‘affordability czar’ aims to alleviate inflationary pressures on working-class Americans. It remains to be seen how these tariffs will ultimately impact the economic landscape as negotiations continue.

Original Source: www.cnn.com