U.S. Commerce Secretary Robert Lutnick said U.S. tariffs on Canada and Mexico will go into effect as planned and that President Donald Trump will decide on the exact extent of the tariffs.
In an interview with Fox News on Sunday, Howard Lutnick said U.S. tariffs on Canada and Mexico will take effect on Tuesday, but that Mexico and Canada are "doing a good job" on the border.
However, Lutnick said no adjustments are expected to be made to the tariffs on China, which Trump believes will be raised from 10 percent to 20 percent on Tuesday, and will remain in place unless China stops trafficking fentanyl into the United States.
Trump earlier blamed Mexico and Canada for the illegal immigration problem caused by the border, and said that Canada and China did not effectively prevent fentanyl and other drugs from being smuggled into the United States, so offered a "tariff stick."
On June 30th, Raphael Bostic, the president of the Atlanta Federal Reserve Bank, stated that tariffs might have a gradual impact on prices rather than a one-time shock, which could lead to more persistent upward pressure on inflation.
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