WASHINGTON — A day into Donald Trump's North American trade war, the U.S. president remained adamant that tariffs would benefit America even as a key member of his team has floated that a compromise could materialize Wednesday.
WASHINGTON — A day into Donald Trump's North American trade war, the U.S. president remained adamant that tariffs would benefit America even as a key member of his team has floated that a compromise could materialize Wednesday.
The president's executive order hitting Canada and Mexico with 25 per cent across-the-board tariffs, with a lower 10 per cent levy on Canadian energy, took effect Tuesday. Mexican President Claudia Sheinbaum said her government would announce duties on targeted products and other measures Sunday. She said"there is no motive or reason, nor justification that supports this decision that will affect our people and our nations."
Minutes after the U.S. stock market closed, following a second day of sharp decline, U.S. Secretary of Commerce Howard Lutnick said there could be a ramp off the devastating duties. Lutnick told Fox Business that the government was looking to"work something out" in a deal that could be announced on Wednesday.
Trump has previously connected duties to wide-ranging complaints from defence spending to trade deficits. Trump has repeatedly claimed he wants to make Canada a U.S. state.
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