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Since President Donald Trump won the election in November, companies all over the globe have aligned with higher tariffs – a key day, as a promise made by the president.

But within a week into his presidency, Trump has not yet adopted any new tariffs.

That could change, comes at. 23:59 one on Saturday – the deadline Trump set when he said he will beat 25% duties on all Mexican and Canadian goods and potentially a 10% duty on all Chinese goods.

The tariffs, he said, will be imposed as a way of punishing the three nations that Trump claims are responsible for helping people enter the country illegally and delivering fentanyl consumed in the United States.

Trump said to journalists from the Oval Office on Thursday, saying he meant business, especially with his customs threats against Mexico and Canada. Should he believe?

Yes and no, said Trump’s former trade secretary Wilbur Ross.

Ross, who was one of a handful of the first cabinet members in Trump’s first administration to hold their position for the entire four -year period, said he spoke for such exclusions when he advised Trump on customs policies.

Treasury secretary Scott Bessent supports a gradual approach and cuts out exceptions to certain goods, he said in his confirmation hearing. But Howard Lutnick, Trump’s nominees to lead the Commerce Department, said he approved a blanketriff approach. There are advantages and disadvantages to both, Ross said.

“When we put in steel tariffs, we got 11,000 requests for exceptions. There are no 11,000 legitimate requests, ”Ross said, referring to the 25% Tariff Trump charged on steel imported from most countries to the United States in 2018, unless they met certain qualifying exemption criteria. Many of these requests were rejected, he added.

In addition, exclusions for certain countries’ products or certain items quickly created “a number of whack-a-mole,” he said.