Commerce Secretary Lutnick teases tariff deal with Canada, Mexico

Commerce Secretary Howard Lutnick on Tuesday told Fox Business that he expected the administration to announce a tariff compromise with Canada and Mexico on Wednesday.

Trump imposed 25% tariffs on both nations that took effect on Tuesday, leading to substantial market fluctuations. Lutnick indicated that Trump would present himself as "angry that Americans are still being killed" due to issues on both nations' borders.

The president has used the threat of tariffs to secure concessions from Ottawa and Mexico City on border security, but allowed the tariffs to take effect due to dissatisfaction with both governments' efforts. Lutnick suggested that a deal was imminent and that the administration would "probably be announcing that tomorrow."

"Both the Mexicans and the Canadians were on the phone with me all day today, trying to show that they'll do better," Lutnick stated.

"The president moving with the Canadians and Mexicans, but not all the way," he said of a prospective deal.