President Donald Trump's nominee to run the Commerce Department, Howard Lutnick, said on Wednesday that Canada and Mexico can avoid looming U.S. tariffs if they act swiftly to close their borders to fentanyl,

United States President Donald Trump ’s pick to lead the Commerce Department said Mexico and Canada can avoid new tariffs due this weekend if they clamp down on border security — while also signalling that Trump is likely to impose widespread new levies to return manufacturing to U.S. soil.

President Donald Trump's pick to lead the Commerce Department has told US lawmakers that Canada and Mexico can avoid blanket tariffs if they close their borders to fentanyl. "As far as I know, they are acting swiftly, and if they execute it, there will be no tariff," Howard Lutnick said on Wednesday during a confirmation hearing before senators.

Speaking from the Oval Office, Trump justified the tariffs as a response to what he described as excessive migration, drug trafficking and unfair trade practices. While he suggested the tariff rate could further increase,

Around 90% of auto exports from both Mexico and Canada go to the U.S., according to the Mexican Automotive Manufacturers' Association (AMIA) and the Canadian Vehicle Manufacturers' Association. German automakers,

Oil prices slipped for a second day on Thursday after U.S. crude stockpiles rose more than expected, though attention remained on tariffs threatened by U.S. President Donald Trump on Mexico and Canada,