U.S. Commerce Secretary Robert Lutnick said goods and services that comply with the trade agreement between the United States, Mexico and Canada may receive a one-month exemption from tariffs.
According to CNBC, Howard Lutnick said on Thursday that goods and services that comply with the United States-Mexico-Canada Agreement (USMCA) could be exempted from tariffs for one month.
He said he and U.S. President Donald Trump would hold talks with Mexico later Thursday, and that Trump would then make a decision on the scope of the tariff exemption.
Lutnick earlier revealed that he thought Trump would "come to some sort of resolution" on the Canadian and Mexican tariffs, after which there was speculation that some tariffs could be removed.
Canadian Prime Minister Justin Trudeau said Thursday that Lutnick's recent comments are a good sign and "consistent with some of the conversations we've had with U.S. officials." However, he did not give details.
The United States-Mexico-Canada agreement entered into force in July 2020 and will be reviewed periodically through 2026.
On Tuesday, the United States imposed 25 percent tariffs on Canadian and Mexican goods and 10 percent tariffs on Canadian energy.
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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