US Commerce Secretary "Tariff Reductions for Mexico and Canada May Be Announced as Early as Tomorrow"

Lutnick: "The President Will Find a Middle Ground"
Dismisses Possibility of Tariff Suspension

U.S. Secretary of Commerce Howard Lutnick announced that he will unveil a plan to reduce the 25% tariffs on Canada and Mexico as early as the 5th (local time).

In an interview with Fox News on the 4th, Secretary Lutnick said, "Both Mexico and Canada tried to show me during calls today that they can do better."

He added, "(President Donald Trump) is very fair and reasonable, so he is listening to this," and "Therefore, I think he will cooperate with them."

However, he drew a line on the possibility of tariff suspension for Mexico and Canada.

Secretary Lutnick said, "It is not a pause, but he (President Trump) will find a middle ground," and "We will probably announce it tomorrow."

President Trump imposed the 25% tariffs on Canada and Mexico from midnight that day, ending the one-month suspension. For China, he raised the tariff rate to a total of 20% by adding another 10% on top of the existing 10% additional tariff.

The countries immediately retaliated. Canada decided to impose 25% retaliatory tariffs on U.S. imports worth a total of 155 billion Canadian dollars (approximately 156 trillion won), and tariffs on imports worth 30 billion Canadian dollars (approximately 30 trillion won) took effect immediately from that day. China promptly announced that it would implement tariffs of up to 15% on U.S. agricultural, livestock, and fishery products starting on the 10th. Mexican President Claudia Sheinbaum also stated that "we have decided to respond with tariff and non-tariff measures" and announced that specific measures would be announced on the 9th.