US President Donald Trump announced on March 5 that auto tariffs on Canada and Mexico would be postponed for one month.
Trump decided to delay the auto tariffs after discussions with leading US auto companies, including General Motors, Ford Motor and Stellantis. White House press secretary Karoline Leavitt said the US president was also willing to exempt some other items from the tariffs, CNBC reported.
The 25% tariffs on Canada and Mexico, along with additional duties on China, took effect on March 4. US Commerce Secretary Howard Lutnick said the tariffs would result in “short-term” price increases for some goods.
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Ms. Leavitt said that automakers should use the one-month tariff break to work toward the goal of bringing production back to the U.S. However, CNN said that this is an almost impossible scenario, as shifting production would require a long planning period.
In a post on the Truth Social social network, Mr. Trump said he had spoken by phone with Canadian Prime Minister Justin Trudeau and said Ottawa's efforts to control fentanyl trafficking were "not good enough."
US President Donald Trump speaks before Congress on March 4
Following the US tariffs, Canada quickly announced retaliatory tariffs, while Mexican President Claudia Sheinbaum is expected to announce her country’s response at a rally on March 9. The Chinese Embassy in the US posted on social media X, affirming that China is ready to face a tariff war with the US.
Tariffs on imported agricultural products could put upward pressure on inflation, according to Bank of America (BOA). BOA analyst Antonio Gabriel notes that the weight of the food at home category in the US consumer price index is about 8%. The tariffs are expected to increase the prices of basic consumer goods for US households.
Source: https://thanhnien.vn/ong-trump-hoan-ap-thue-nhap-khau-o-to-voi-canada-mexico-18525030607533758.htm
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