Lutnick: Tariff reprieve coming today. It’s likely to include all USMCA products | Forexlive

Breaking on CNBC

• Expects the announcement today
• After April 2, we will move to reciprocal tariffs
• Hopefully by April 2, Mexico and Canada will have done enough

This looks like an end to the tariff war for now. The USMCA covers pretty much everything that crosses the border. He added some tough talk about dairy after April 2 but the reality is that within the USMCA there are very, very few tariffs, less than 0.5% of what crosses the border is subject to any kind of tariffs.

• Says over 50% of Mexico and Canada imports are USMCA compliant but he’s just guessing (I think he’s underestimating)

Trudeau is quickly responding to Lutnick’s comments and says they’re ‘promising’ and align with some of the conversations we’ve been having with administration officials.