President Donald Trump exempted Mexican and Canadian goods covered by the North American trade agreement known as USMCA from his 25% tariffs, offering major reprieves to the US’s two largest trading partners.
Trump signed orders Thursday paring back the tariffs, which are related to illegal immigration and fentanyl tracking, until April 2. That is the date when the president is expected to start unveiling plans for so-called reciprocal duties on nations around the world as well as sector-specific duties.
“They’ve been working much harder lately, do you notice that? On people coming in and drugs. We’ve made tremendous progress on both,” Trump said in the Oval Office, referring to Mexico and Canada.
Automobiles and parts that meet USMCA requirements are among the products exempt from the tariffs. Canadian potash used heavily in fertilizers for US agricultural producers faces a lower 10% duty. The White House estimates that 62% of Canadian imports will still be subject to the tariffs, most of which are energy products that are being tariffed at a 10% rate, and half of goods coming from Mexico. A White House official cautioned those proportions could change as importers rush to comply with the new rules.
Read more: https://www.bloomberg.com/news/articles/2025-03-06/trump-likely-to-defer-tariffs-on-goods-services-under-usmca?srnd=homepage-americas&sref=omvmmwIg
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