‘Massive Cash Present’ panel discusses billionaire GOP donor Ken Langone altering his stance on President Donald Trump’s tariffs after he hinted at commerce offers with different international locations.
President Donald Trump will doubtless renegotiate the US–Mexico–Canada Settlement (USMCA) subsequent 12 months to guard American jobs, Commerce Secretary Howard Lutnick stated Sunday.
Lutnick known as the transfer a logical step throughout an look on CBS’ “Face the Nation.”
“It makes good sense,” the billionaire businessman stated, referring to the commerce settlement’s upcoming joint assessment.
“I believe the president is totally going to renegotiate USMCA, however that’s a 12 months from at this time,” Lutnick stated, pointing to the scheduled July 2026 assessment. The assessment, a part of the settlement’s sundown clause, permits the deal to be assessed each six years and units it to run out after 16 years until all events conform to an extension.
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President Donald Trump, flanked by US Secretary of Commerce Howard Lutnick, speaks to reporters after stepping off Air Drive One upon arrival at Joint Base Andrews, Maryland on July 15, 2025. Lutnick on Sunday stated Trump will doubtless renegotiate the U (ANDREW CABALLERO-REYNOLDS/AFP through Getty Photographs / Getty Photographs)
“He desires to guard American jobs,” Lutnick stated of Trump. “He would not need automobiles inbuilt Canada or Mexico when they are often inbuilt Michigan and Ohio. It is simply higher for American staff.”
U.S. Commerce Secretary Howard Lutnick stated Trump desires to guard American jobs. (Samuel Corum/Sipa/Bloomberg through Getty Photographs, File / Getty Photographs)
Trump brokered the USMCA with Mexico and Canada throughout his first time period as a alternative for the North American Free Commerce Settlement (NAFTA), which went into impact in 1994.
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The USMCA requires 75 % of car elements to be manufactured in the US, Canada or Mexico to be able to keep away from tariffs. It additionally opened new markets for American wheat, poultry and eggs, amongst different issues.
President Trump and Secretary of Commerce Howard Lutnick communicate with reporters about tariffs earlier than leaving Bedminster, New Jersey on July 6, 2025. (Fox Information / Fox Information)
Lutnick praised Trump’s strategy to commerce and tariffs, saying the president is “doing it the correct approach.”
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“The president’s bought the American staff’ again,” he stated. “That’s why they elected him. That’s why the inventory market is at all-time highs.”