President Donald Trump will announce tariff changes for Canada and Mexico this afternoon as he considers lowering tariffs on sectors such as autos, Commerce Secretary Howard Lutnick told Bloomberg Television Wednesday morning.

Trump is expected to make a decision on the issue this afternoon, Lutnick said, reiterating that the administration's tariff policy will be reevaluated on April 2 to cover larger imports and reciprocal levies.

"There will be tariffs — let's be clear — but what he's thinking about is what parts of the market he might consider giving relief to by the time we get to, of course, April 2," Lutnick said. "I think it's going to be somewhere in the middle."

The administration will consider providing relief by lowering tariff rates on certain products that comply with regulations under the USMCA deal Trump negotiated in his first term with Canada and Mexico.(Newsmaker23)

Source: Bloomberg