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,

General Motors, the largest producer of cars in Mexico, won’t provide details on how it would react if President Trump imposes 25 percent tariffs from the two countries.

The U.S. is threatening a two-stage tariff plan in which Canada and Mexico could get hit with initial trade penalties within days then face broader penalties this spring. In summary it's: Maybe tariffs now, and maybe more tariffs later.