Exclusive: Trump set to impose tariffs on Mexico
Trump could be set to announce tariffs against Mexico
The U.S. President Donald Trump is set to declare new tariffs on Canada and Mexico, effective March 1, but with a procedure that will grant both countries an opportunity to seek exclusion from the imposition of duties on particular imports. This is according to the reports by three people close to the process.
By Friday, the tariff position was not concrete, with a final decision awaited following the President's formal declaration.
The sources said the final rate had not been confirmed, but noted that Trump has publicly announced a 25% tariff would be imposed on imports from the two countries, starting Saturday. The sources asked not to be identified because they were not authorized to speak publicly.
Meanwhile, one administration official said Trump was considering the tariff plan on Friday and could include possible carve-outs. The official cautioned that any exemptions would be infrequent.
Though the imposition of tariffs might roil financial markets and lead to retaliatory measures from two of America's biggest trading partners, giving a 28-day warning and allowing for exemptions suggest a softer tone from the White House.
Besides, this period allows room for negotiations, a factor that might encourage Canada and Mexico to do something in line with Trump's goals, namely, illegal immigration and the inflow of fentanyl across the U.S. border.