U.S. Commerce Secretary Howard Lutnick said late on Sunday that the 25% tariffs on steel and aluminum imports, which are due to take effect on Wednesday, are unlikely to be postponed to a later date.
Earlier on Thursday, March 6, President Trump announced that he would suspend 25 percent duties on U.S. imports from Mexico and Canada subject to the 2020 trade agreement.
The tariffs imposed by US President Donald Trump in February include imports from leading foreign suppliers such as Canada and Mexico and apply to finished metal products. American steel producers have called on Trump to resist exemptions from the tariffs, as the measure could affect American businesses that depend on these materials.
Ahead of the November 2024 presidential election, Donald Trump made it clear that he intended to use tariffs to support the U.S. economy and American manufacturers. In 2024, Mexico, China, and Canada accounted for 42% of total U.S. imports. During this period, Mexico became the largest exporter with a volume of $466.6 billion, according to the U.S. Census Bureau.
Trump plans to use the revenue generated from the tariffs to reduce personal income taxes.
