President Trump announced a one-month exemption from tariffs for imports from Mexico that comply with the U.S.-Mexico-Canada Agreement (USMCA) on March 30. This decision, communicated via Truth Social, applies to a majority of North American trade. The exemption comes amidst stock market volatility and follows discussions with Mexican President Claudia Sheinbaum. While the exemption significantly expands relief previously granted to automakers, it notably does not cover Canadian goods. The administration is contemplating further tariffs next month, possibly leading to reciprocal tariffs that align U.S. rates with those of other nations.
President Trump stated on Truth Social that he would offer a one-month exemption on tariffs for Mexican imports complying with USMCA, following his recent 25% tariffs.
This exemption is a significant expansion of a previous one offered to automakers, and it applies to most North American trade.
The administration is considering new tariffs next month, with President Trump indicating a plan to announce reciprocal tariffs based on other countries' rates.
Howard Lutnick mentioned that there may not be any exemptions for Canadian goods, as the focus remains primarily on Mexico.
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