President Donald Trump, in an abrupt about-face, announced Thursday he will delay 25 percent tariffs on a significant portion of Mexican and Canadian goods until next month.
The carve-out applies to autos and all other goods from the two countries that comply with the duty-free terms of the U.S.-Mexico-Canada Agreement, White House officials said.
The update marks a significant retreat of the tariffs that went into force on Tuesday, and would apply to approximately 38 percent of imports from Canada and 50 percent from Mexico.
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The USMCA, which the U.S. negotiated during Trump’s first term, maintains duty-free trade for most goods, although some restrictions, exemptions and qualification requirements apply for select items.
