The U.S. is set to impose tariffs on Canada and Mexico, as confirmed by Commerce Secretary Howard Lutnick. Treasury Secretary Scott Bessent announced plans to appoint an “affordability czar” to address inflationary pressures, which may include further tariffs on Chinese imports. Overall, the goal is to alleviate financial burdens on American consumers while navigating economic challenges.
Treasury Secretary Scott Bessent announced on CBS News that the U.S. is expected to impose tariffs on Canada and Mexico, alongside a potential additional tariff on Chinese goods. Commerce Secretary Howard Lutnick confirmed that President Trump will finalize the particular levels of these tariffs, which originally proposed a 25% duty on imports from Mexico and most from Canada, along with specific tariffs on energy products and Chinese imports.
With expectations of tariffs affecting essential goods such as electronics and groceries, American consumers may experience increased prices despite a slight easing in inflation. Bessent proposed creating an “affordability czar” to target inflationary pressures, aiming to improve the financial circumstances for working-class Americans. He maintained, however, that previous tariffs did not result in higher prices during Trump’s first term.
Bessent indicated that if Canada matches Mexico’s tariffs on China, it would be a constructive step. He outlined his expectation that a combination of tariffs, regulatory reductions, and affordable energy will lead to a considerable decrease in inflation over the year. The Treasury’s forthcoming measures aim to comprehensively support financially strained American families amidst changing international trade dynamics.
In summary, the U.S. is poised to implement new tariffs on Canada and Mexico, with expectations of increased prices for consumers. Secretary Bessent’s proposal for an affordability czar reflects efforts to mitigate inflationary challenges. Despite concerns about the impact of tariffs, he asserts prior measures did not significantly raise goods prices, emphasizing a holistic approach to economic management.
Original Source: www.cnn.com
