‘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 possible renegotiate the USA–Mexico–Canada Settlement (USMCA) subsequent 12 months to guard American jobs, Commerce Secretary Howard Lutnick mentioned Sunday.
Lutnick referred to as the transfer a logical step throughout an look on CBS’ “Face the Nation.”
“It makes excellent sense,” the billionaire businessman mentioned, referring to the commerce settlement’s upcoming joint evaluation.
“I feel the president is completely going to renegotiate USMCA, however that’s a 12 months from in the present day,” Lutnick mentioned, pointing to the scheduled July 2026 evaluation. The evaluation, 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 except all events comply with 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 mentioned Trump will possible renegotiate the U (ANDREW CABALLERO-REYNOLDS/AFP by way of Getty Photos / Getty Photos)
“He needs to guard American jobs,” Lutnick mentioned 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 mentioned Trump needs to guard American jobs. (Samuel Corum/Sipa/Bloomberg by way of Getty Photos, File / Getty Photos)
Trump brokered the USMCA with Mexico and Canada throughout his first time period as a substitute 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 USA, Canada or Mexico with the intention 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 converse 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 method.”
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“The president’s acquired the American staff’ again,” he mentioned. “That’s why they elected him. That’s why the inventory market is at all-time highs.”
