The Trump administration indicates that prices may soon have exemptions

By Josh Boak, Associated Press

Washington (AP) – The Secretary of Commerce, Howard Lunick, said that there could be sculptures to come on prices of 25% placed on Canada and Mexico by President Donald Trump, a sudden rescue after Tuesday’s tax increase, worried consumers, worried consumers and started a business war.

In an interview on Wednesday with Bloomberg Television, Lutnick said Trump would update his price plans with an announcement of the afternoon, perhaps saving sectors such as cars of import taxes.

“There will be prices, let’s be clear,” said Lunick. “But what he thinks of is what sections of the market that can perhaps – perhaps – he will plan to give them relief until we arrived, of course, April 2.”

On April 2, Trump plans to announce what he calls “reciprocal” prices to correspond to the prices, taxes and subsidies provided by other countries. This could considerably increase the rate of tariffs loaded on a global scale and means that it continues to be the risk of a wider price.

Lutnick said he would speak on Wednesday morning with Trump possible options concerning Canada and Mexico, saying that the two countries are trying to respond to the concerns of the American president concerning drug trafficking. Lutnick said to expect Trump to announce his decision on Wednesday afternoon.

Trump on Tuesday put 25% of imports on imports from Mexico and Canada, taxing Canadian energy products such as oil and electricity at a rate lower by 10%. The president also doubled the 10% rate he placed on China at 20%. The administration said the prices aimed to stop addicted drugs such as fentanyl, but Trump also suggested that prices aim to get rid of persistent American trade deficits.

Taxes almost immediately sparked reprisal measures by Canada and China, Mexico planning to announce its response on Sunday. The US stock market has abandoned all the gains since Trump’s victory in the presidential elections of last year and consumers are already exhausted by inflation and feared that the costs of the tax increase will result in higher prices. These concerns may have encouraged Lodnick to report a possible retirement in an interview on Tuesday afternoon with the Fox Business Network.

“I think he will understand, you do more, and I will meet you in the middle of one way or another,” Larick told Fox Business Network, notice the stock market to reduce his losses during the day.

But in his spouse in the congress on Tuesday evening, Trump seemed determined to move forward with prices.

The American president tried to write possible economic damage as “a little disturbance”, because the administration suggested that estimates of higher inflation and slower growth in most external economic forecasts are exaggerated.

“This can be a bit of a period of adjustment,” he said after saying that farmers would benefit from reciprocal prices on countries with American export prices. “You have to bear me again and it will be even better.”

However, Canadian Prime Minister Justin Trudeau interpreted Trump’s prices as nothing less than a betrayal of the friendship between the two nations.

Trudeau said his country would bend prices over more than $ 100 billion (US dollars) in American products in 21 days.

“Today, the United States has launched a trade war against Canada, its nearest and allied partner, their nearest friend. At the same time, they speak of working positively with Russia, soothing Vladimir Putin, a deadly and murderous dictator. Having meaning, ”said Trudeau.

Originally published: March 5, 2025 at 6:26 a.m. PST