White House officials have indicated that temporary exemptions will apply to goods covered by the US-Mexico-Canada Agreement (USMCA). However, the administration is preparing for tougher measures on global trade. While it was announced that these exemptions will be valid until April 2, the possibility of the US imposing new tariffs in response to goods from other countries is also on the agenda.
Majority of Imports Still Under Tariffs
The Trump administration announced that Canadian and Mexican products that comply with the USMCA agreement for exemptions will be exempt from tariffs. However, these exemptions will remain limited, with more than 60% of goods imported from Canada and around 50% from Mexico still covered by the 25% import tariff.
Trade Policy Continues
Trump administration continues its competitive policies in global trade and these temporary exemptions are seen as a step to avoid completely damaging trade relations in North America. However, it is stated that the US may take tougher decisions on import tariffs in the coming period.
The Trump administration's move is likely to continue to determine the impact of trade wars on the future of global trade.
Comments
No comment yet.