Bloomberg Talks US Commerce Secretary Howard Lutnick Talks Tariffs, Mexico and Canada
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Mar 5, 2025 
Howard Lutnick, the 41st U.S. Secretary of Commerce, dives into the complexities of trade negotiations with Mexico and Canada. He discusses the urgent need for compromises on tariffs linked to fentanyl trafficking. Lutnick highlights the significance of the USMCA agreement and a new reciprocity model that aims for equitable trade. He also addresses how tariffs impact the economy, emphasizing the delicate balance between fair trade practices and national security concerns. Overall, it's an insightful look at the future of U.S. trade relations.
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Tariffs on Fentanyl
- The upcoming tariffs on Mexico and Canada are primarily about the fentanyl crisis, not a trade war.
- The president is open to compromise if these countries can demonstrate effective measures to stop the drug flow.
Tariff Compromise
- A compromise on tariffs is expected to be announced soon, likely involving selective relief for certain product categories.
- The president is considering a middle-ground approach, not a complete removal or full implementation of tariffs.
USMCA Compliance
- Tariff relief will likely be based on compliance with the USMCA agreement, particularly regarding US content in products.
- Products meeting USMCA standards may avoid tariffs, while non-compliant products remain at risk.