06:12 PM EST, 03/04/2025 (MT Newswires) -- President Donald Trump could announce a deal on tariffs with Canada and Mexico, US Secretary of Commerce Howard Lutnick was cited as saying Tuesday on Fox Business Network.

A deal with the two countries could be unveiled as early as Wednesday, Lutnick told the news outlet.

This comes as US equity indexes fell Tuesday after Canada and China retaliated against the tariffs while Mexico promised to hit back.

Trump ordered 25% tariffs on Canada and Mexico, while doubling import duties on goods from China to 20%. Canada is responding with an initial round of retaliatory tariffs on $30 billion of US goods and plans to raise the levies to $155 billion of imports.

China imposed 10% to 15% levies on US food and agricultural products, while placing export and investment restrictions on 25 US companies.

Mexican President Claudia Sheinbaum reportedly said her government would respond with countermeasures, but did not immediately provide details.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)