President Donald Trump is granting a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers.

Lutnick's analysis comes weeks after China filed a lawsuit against the U.S. with the World Trade Organization over its 10% tariff. It issued its own 10% tariff.

President Donald Trump said Friday that he’s committed to making the U.S. a world leader in cryptocurrencies as industry leaders heaped praise on him for reversing what they said had been unfair attacks on digital assets by the previous administration.

WASHINGTON (AP) — U.S. Commerce Secretary Howard Lutnick said Thursday in a television interview that President Donald Trump will “likely” suspend 25% tariffs on Canada and Mexico for most products and services for a month, broadening an exemption that was granted on Wednesday only to autos.

Washington – President Donald Trump launched a trade war Tuesday against America’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin as the U.S. faced the threat of rekindled inflation and paralyzing uncertainty for business.

The stock market dropped sharply in recent days as investors worried about the effects of President Donald Trump’s new tariffs on Canada and Mexico.

The latest comments from Commerce Secretary is a sudden backing away after Tuesday’s tax hike hurt the stock market.

Commerce and Industry Minister Piyush Goyal has returned from Washington after engaging in trade discussions with US officials. The dialogue included talks with USTR Jamieson Greer and Commerce Secretary Howard Lutnick,

Commerce Secretary Howard Lutnick said Trump was looking at an existing trade deal as a way to meet Canada and Mexico "in the middle some way."

Commerce Secretary Howard Lutnick hinted at a compromise and a scaling back of the 25% tariffs imposed by Washington on Canada and Mexico on Tuesday.