US: "Tariffs on Canada and Mexico as Planned from the 4th"

Lutnick, Additional 10% for China

China Considering Retaliatory Tariffs on Agricultural Products

U.S. Commerce Secretary Howard Lutnick said, "Tariffs will be imposed on Mexico and Canada (as planned) from March 4th." However, regarding the tariff rate, she said, "The president and his team will negotiate exactly how much it will be." Secretary Lutnick revealed this during an interview with Fox News on the 2nd (local time), saying, "(The president) is now thinking about what to do with Mexico and Canada, and the situation is fluid."

Secretary Lutnick said, "Both Mexico and Canada have taken appropriate measures at the border," but added, "Fentanyl continues to flow in, and its ingredients are made in China." Her remarks that day are interpreted as suggesting that tariff rates could be lowered depending on the results of blocking illegal immigration and drug inflows at the Canadian and Mexican borders. When asked if tariff rates could be reduced, Secretary Lutnick replied, "There is definitely a possibility."

Secretary Lutnick also reconfirmed that an additional 10% tariff would be imposed on China from the 4th as previously announced. The United States has been imposing an additional 10% tariff on Chinese products since the 4th of last month. As a result, if an additional 10% is imposed from the 4th, the additional tariff rate on China will rise to 20%.

In response, China is reportedly considering retaliatory measures targeting U.S. agricultural products and food. According to Chinese state-run English media Global Times, the countermeasures being studied by the Chinese government are likely to include both tariff and non-tariff measures.

Kim Dong-hyun, Reporter 3code@hankyung.com