Trump Suspends Tariffs on Mexico Under USMCA Until April 2

President Trump has suspended tariffs on Mexican goods under the USMCA until April 2. While it remains uncertain if Canada is included, Commerce Secretary Lutnick anticipates an extension may apply to all products. This decision follows recent tariff concessions made specifically for car manufacturers.

United States President Donald Trump has announced a month-long suspension of tariffs on Mexican goods under the trade agreement with Mexico and Canada, effective until April 2. While President Trump did not explicitly confirm if this suspension includes Canada, Commerce Secretary Howard Lutnick expressed optimism that both neighboring countries would benefit from the exemption.

This announcement marks Trump’s second concession regarding tariffs within a two-day period. On the previous Wednesday, Trump stated that car manufacturers would be granted a temporary exemption from the newly imposed 25% import taxes a day after those tariffs took effect.

Lutnick indicated during a CNBC interview that the temporary exemption for car parts imports from Canada and Mexico could potentially extend to all products included in the United States-Mexico-Canada Agreement (USMCA), which was established during Trump’s first term. This agreement encompasses a range of sectors, including automobiles, dairy, and lumber, and calls for a review every six years.

On Thursday, Trump conveyed the news via Truth Social, confirming, “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.” Furthermore, this developing news story is being updated, and additional details are expected to be released soon. To receive live updates, one can utilize the BBC News App or follow @BBCBreaking on X for the latest alerts.

In conclusion, President Trump has decided to suspend tariffs on Mexican goods under the USMCA until April 2, while leaving the status of Canada unclear. This follows his recent concessions on car manufacturer tariffs. The move indicates potential expansions of exemptions and speaks to ongoing trade relations with North American partners. It remains essential for stakeholders to stay informed as developments unfold.

Original Source: www.bbc.com