White House offers few specifics on what's going on with tariffs

Trump pauses tariffs on imports from Mexico and Canada for U.S. automakers

President Donald Trump is granting a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers, as worries persist that the newly launched trade war could crush domestic manufacturing.

Washington, D.C. - The White House Press Secretary held a news briefing on Wednesday where tariffs were a major topic.

Based off various Trump administration statements, the tariffs on Canada, Mexico and China imposed on Tuesday are about stopping illegal immigration, blocking fentanyl smuggling, closing the trade gap, balancing the federal budget and other nations showing more respect for Trump.

At their core, tariffs are a tax on consumers and a windfall for the U.S. Treasury.

"The President does love tariffs," said White House Press Secretary Karoline Leavitt. "He said it's one of his favorite words in the English dictionary and he believes in tariffs because they'll ultimately make America rich again."

But faced with huge backlash from Canada, and Mexico, Trump delayed, for a very short time, major tariffs on U.S. automakers with factories in those two countries.

"Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage," said Leavitt.

USMCA is the trade agreement between the U.S., Mexico and Canada signed during the first Trump administration.

A month is not much time to make major manufacturing changes or moves.

Trump's tariffs could impact 401 (k)

Tariffs often cause bad side effects such as higher prices and inflation, making your money worth less. Another big risk -- damage to Americans' long-term retirement goals.

"He told them that they should get on it. Start investing. Start moving. Shift production to here, the United States of America, where they will pay no tariff. The president is open to hearing about additional exemptions," said Leavitt.

Other than that, questions got vague answers, especially as to tariffs affecting prices and inflation.

"That requires a little bit of disruption. That requires a lot of effort and work that this president is focused on doing," Leavitt said.

But when asked how much and when, reporters got no specifics from the White House.

"Again, I don't have a crystal ball," Leavitt said. "But what I can assure you and the American people is that this president and his administration are doing everything they can."

Messaging on X, China flatly rejected the 20% tariffs imposed on it for its part in the deadly fentanyl crisis.

"China has exercised strict supervision over fentanyl-related medications, rigorously presented the abuse of fentanyl-related substances and stricken hard the smuggling, manufacturing and trafficking of fentanyl-related substances and related precursor chemicals," said Chinese reporter and government employee Zhou Saang.

One remark on tariffs was noteworthy.

"They're gonna raise revenue. They're gonna help us pay down our debt," Leavitt said.

Canada, Mexico and China, do not pay a dime of the tariffs that go directly to the U.S. Treasury.

That money comes from U.S. consumers and businesses in the form of higher prices and lower profits.

"He said he is committed to making America affordable again," said the press secretary,

Like it or not, tariffs impose a hidden tax on consumers that may or may not result in lowering the nation's deficit or debt, especially if taxes on the super wealthy are cut again.

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