President Donald Trump’s nominee for commerce secretary, billionaire financial-services executive Howard Lutnick, made an effort Wednesday to ease concerns about potentially inflationary 25% tariffs against Canada and Mexico that could hit Saturday.

United States President Donald Trump ’s pick to lead the Commerce Department said Mexico and Canada can avoid new tariffs due this weekend if they clamp down on border security — while also signalling that Trump is likely to impose widespread new levies to return manufacturing to U.S. soil.

General Motors, the largest producer of cars in Mexico, won’t provide details on how it would react if President Trump imposes 25 percent tariffs from the two countries.

President Donald Trump's nominee to run the Commerce Department, Howard Lutnick, said on Wednesday that Canada and Mexico can avoid looming U.S. tariffs if they act swiftly to close their borders to fentanyl,

He noted those tariffs were separate from a broad effort by the Commerce Department, the U.S. Trade Representative’s office and the Treasury Department to review trade relations and tariffs by April 1.

Trump has repeatedly insisted that tariffs are coming on Canada and Mexico, despite both countries seeking to address his stated concerns about illegal border crossings and the smuggling of fentanyl. But the Republican president is also motivated by the idea that tariffs would force other countries to “respect” the United States.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

Instead, Trump told reporters he would narrow his focus on Canada and Mexico and pledged to impose 25% tariffs on both neighboring countries as soon as Feb. 1, 2025. The threat of said tariffs would be levied in retaliation for allowing illicit drugs and migrants to cross the border.

Trump plans 25% tariffs on Canada, Mexico. What will it mean for Iowa's economy, farmers? Last time it left a $2 billion dent