Commerce Secretary Lutnick expects imminent tariffs on Canada and Mexico, with President Trump determining the specifics. Tariffs could lead to increased consumer costs, including for essential goods. Treasury Secretary Bessent plans to appoint an ‘affordability czar’ to help alleviate inflationary pressures on working-class Americans, despite a mixed outlook regarding tariffs’ effects on prices.
Commerce Secretary Howard Lutnick announced that tariffs on Canada and Mexico are anticipated to be imposed as early as Tuesday, although President Donald Trump will ultimately decide the specifics of these tariffs. Lutnick conveyed this expectation during an interview on Fox News, indicating that the negotiations are ongoing regarding the precise levels of these tariffs. Earlier proposals suggested a 25% duty on imports from Mexico and most from Canada, while a 10% tariff was proposed for Chinese goods.
In conclusion, the impending tariffs on Canada and Mexico, alongside the potential tariffs on Chinese imports, are expected to increase consumer prices within the United States. Treasury Secretary Scott Bessent’s planned appointment of an ‘affordability czar’ signals an intention to mitigate some effects on working-class Americans. The administration remains focused on a comprehensive approach to address inflationary pressures while navigating the complexities of international trade.
Original Source: www.cnn.com
