Lutnick's analysis comes weeks after China filed a lawsuit against the U.S. with the World Trade Organization over its 10% tariff. It issued its own 10% tariff.

WASHINGTON (AP) — U.S. Commerce Secretary Howard Lutnick said Thursday in a television interview that President Donald Trump will “likely” suspend 25% tariffs on Canada and Mexico for most products and services for a month, broadening an exemption that was granted on Wednesday only to autos.

It's the latest twist in a fluctuating trade policy that has whipsawed markets and fanned worries about inflation and growth.