U.S. President Donald Trump is expected to announce new tariffs against Canada and Mexico. They will begin on March 1 but will include a process for countries to seek specific exemptions for certain imports, three people familiar with the plan told Reuters.
The tariff situation was discussed on Friday and no decision is final until Trump makes a public announcement.
Sources told Reuters they did not have details on a final tariff, but noted that Trump has repeatedly said he plans to impose a 25% tariff on imports from both countries.
An administration official said Friday that Trump was reviewing the tariff plans, which could allow for some exemptions. However, any exemptions would be "few and far between," the official said.
While announcing the tariffs could rattle financial markets and strain U.S. relations with its two major trading partners, providing a 28-day deadline before implementation and a process for exemptions would suggest a more cautious approach from the Trump administration.
It will also buy time for negotiations on Canada and Mexico's actions to meet Trump's stated goals for the tariffs, to pressure the two U.S. neighbors to stop the flow of illegal immigrants and deadly fentanyl across the U.S. border.
For its part, Canada has said it will respond forcefully and immediately if Donald Trump imposes tariffs, Prime Minister Justin Trudeau said. "It's not what we want, but if Trump moves forward with the plan, we will act as well," Trudeau said. Tariffs are a central part of Trump's economic vision. He sees them as a way to grow the American economy, protect jobs and increase tax revenue. (A2 Televizion)
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