Commerce Secretary Howard Lutnick opens up about President Donald Trump’s tariffs on Mexico and Canada on ‘Kudlow.’
President Donald Trump’s Commerce secretary hinted at the possibility of a further tariff agreement with Canada and Mexico, noting that the president is interested in meeting “somewhere in the middle.”
“Both the Mexicans and the Canadians were on the phone with me all day today, trying to show that they’ll do better. And the president’s listening because, you know, he’s very, very fair and very reasonable,” Howard Lutnick told FOX Business’ Larry Kudlow on Tuesday, just before Trump’s joint address to Congress.
“I think he’s going to work something out with them. It’s not going to be a pause, none of that pause stuff,” he added, “but I think he’s going to figure out, you do more, and I’ll meet you in the middle some way.”
Effective Tuesday, U.S. imports from China, the third-largest U.S. trading partner, will be subject to a new 10% tariff on top of the initial 10% tariff he imposed on Chinese goods last month.
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Tariffs on imported goods from Canada and Mexico – America’s two largest bilateral trading partners, according to Census Bureau data – are also set to rise, with 25% tariffs levied on all imports from the two countries. The tariffs include a carve-out for a lower 10% tariff on Canadian oil imports.
U.S. Commerce Secretary Howard Lutnick talked about the possibility of lower tariffs against Canada and Mexico on “Kudlow.” (FOXBusiness)
“Other countries have used tariffs against us for decades, and now it’s our turn to start using them against those other countries,” President Trump told U.S. House and Senate members during his congressional address.
“On average, the European Union, China, Brazil, India, Mexico and Canada, have you heard of them? And countless other nations charge us tremendously higher tariffs than we charge them. It’s very unfair,” he continued.
President Donald Trump looks back on his first month in office and outlines his agenda ahead during address to a joint session of Congress.
“Tariffs are not just about protecting American jobs. They’re about protecting the soul of our country. Tariffs are about making America rich again and making America great again,” Trump added. “And it’s happening. And it will happen rather quickly.”
Everyday items like footwear, household goods, various tech products and electronics and food supplies like grains, fruits, vegetables, meat and dairy products are at risk of increased prices under tariffs.
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‘The Bottom Line’ panelists EJ Antoni and Anthony Pompliano discuss the impact of the Trump administration’s tariffs on the American consumer.
Lutnick hinted that an announcement could come as early as Wednesday regarding tariff negotiations.
“We’re going to probably be announcing that [today]. So somewhere in the middle will likely be the outcome. The president, moving with the Canadians and Mexicans,” Lutnick said, “but not all the way.”
FOX Business’ Eric Revell contributed to this report.
