WASHINGTON, D.C. — Less than a day after imposing new tariffs on Canada and Mexico, President Donald Trump is considering a compromise—though not a full repeal or another delay, according to a Bloomberg News report on Tuesday.
“Both the Mexicans and the Canadians were on the phone with me all day today trying to show that they’ll do better, and the president’s listening, because you know he’s very, very fair and very reasonable,” Howard Lutnick told Fox Business.
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“So I think he’s going to work something out with them—it’s not going to be a pause, none of that pause stuff, but I think he’s going to figure out: you do more and I’ll meet you in the middle some way, and we’re probably going to be announcing that tomorrow.”
However, Lutnick made it clear that a full rollback of the tariffs is not an option. “If you live under those rules, then the president is considering giving you relief,” he said. “If you haven’t lived under those rules, well, then you have to pay the tariff.”
The tariffs were originally set to take effect in February, but Trump agreed to a 30-day pause in exchange for Canada and Mexico implementing border security measures they had already committed to. Now, with the tariffs officially in place, concerns are growing over their economic impact.
The Dow Jones Industrial Average has plummeted in response to the tariffs, with business leaders and economists widely warning that they will drive up costs for consumer goods and raw materials, potentially slowing economic growth—especially if Canada and Mexico retaliate with tariffs of their own.
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Despite these concerns, Lutnick has denied that tariffs contribute to inflation, a stance that contradicts the consensus among economists and business owners, many of whom are already warning that they will have to raise prices due to increased costs.
As markets reel from the effects of the new trade policies, all eyes are on the White House for Trump’s next move, as businesses, investors, and trade partners await a potential compromise announcement.
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