After President Trump’s address to Congress last night, U.S. Commerce Secretary Howard Lutnick told reporters the administration was considering reducing tariffs on some products from Canada and Mexico.
“It will not eliminate the tariffs, but it might modify the tariffs somewhat,” Lutnick said.
The 25 percent tariffs on products from Mexico and Canada went into effect yesterday. Leaders from both countries announced retaliatory tariff plans.
This morning, speaking on Bloomberg TV, Lutnick said the administration plans to make a decision on the tariffs by this afternoon.
“My thinking is it’s going to be somewhere in the middle,” he said on Bloomberg. “So not 100% of all products and not none.”
The produce industry anxiously awaits details on fruits and vegetables, as Canada and Mexico are the United States’ largest trading partners for produce.
Tariffs on imported fruits and vegetables will likely raise prices for consumers in the short term.
The International Fresh Produce Association BB #:378962 has a tariff resource page for members, including guidance documents and updates.
