‘Big Money Show’ panel discusses billionaire GOP donor Ken Langone changing his stance on President Donald Trump’s tariffs after he hinted at trade deals with other countries.
President Donald Trump will likely renegotiate the United States–Mexico–Canada Agreement (USMCA) next year to protect American jobs, Commerce Secretary Howard Lutnick said Sunday.
Lutnick called the move a logical step during an appearance on CBS’ “Face the Nation.”
“It makes perfect sense,” the billionaire businessman said, referring to the trade agreement’s upcoming joint review.
“I think the president is absolutely going to renegotiate USMCA, but that’s a year from today,” Lutnick said, pointing to the scheduled July 2026 review. The review, part of the agreement’s sunset clause, allows the deal to be assessed every six years and sets it to expire after 16 years unless all parties agree 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 Force One upon arrival at Joint Base Andrews, Maryland on July 15, 2025. Lutnick on Sunday said Trump will likely renegotiate the U (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images / Getty Images)
“He wants to protect American jobs,” Lutnick said of Trump. “He doesn’t want cars built in Canada or Mexico when they can be built in Michigan and Ohio. It’s just better for American workers.”
U.S. Commerce Secretary Howard Lutnick said Trump wants to protect American jobs. (Samuel Corum/Sipa/Bloomberg via Getty Images, File / Getty Images)
Trump brokered the USMCA with Mexico and Canada during his first term as a replacement for the North American Free Trade Agreement (NAFTA), which went into effect in 1994.
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The USMCA requires 75 percent of automobile components to be manufactured in the United States, Canada or Mexico in order to avoid tariffs. It also opened new markets for American wheat, poultry and eggs, among other things.
President Trump and Secretary of Commerce Howard Lutnick speak with reporters about tariffs before leaving Bedminster, New Jersey on July 6, 2025. (Fox News / Fox News)
Lutnick praised Trump’s approach to trade and tariffs, saying the president is “doing it the right way.”
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“The president’s got the American workers’ back,” he said. “That’s why they elected him. That’s why the stock market is at all-time highs.”