US President Donald Trump is considering exempting certain agricultural products from tariffs imposed on Canada and Mexico, the latest move by the administration on Wednesday to offer relief to certain sectors from the sweeping new import taxes.
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US Agriculture Secretary Brooke Rollins said that “everything is on the table” and she is “hopeful” that the administration could decide on providing relief for the agricultural sector.
“As far as specific exemptions and carveouts for the agriculture industry, perhaps for potash and fertiliser, et cetera – to be determined,” Rollins said on Wednesday at the White House. “We trust the president’s leadership on this. I know he is hyper focused on these communities.”
Rollins was at the White House to meet Trump and other economic officials to deliberate a path forward. Earlier on Wednesday, the Trump administration announced that they are delaying for one month tariffs on vehicle imports from Mexico and Canada following pleas from industry executives for more leeway.
The moves come one day after Trump imposed 25 per cent tariffs on the two North American neighbours – the largest US trading partners – part of a broad bid to use import levies to raise revenue and convince companies to move manufacturing back to the US. The tariffs have sparked volatility in global markets, with the S&P 500 Index rising over 1 per cent on Wednesday, rebounding from a two-day slide.
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Lawmakers from states with strong agriculture interests have pleaded with the administration to carve out tariff exemptions for fertilisers and other products that are critical for growing US crops.