There probably will be exclusions: Trump unlikely to enact blanket tariffs, his former Commerce Secretary says | Money [Video]

New York (CNN) — Since President Donald Trump won the election in November, businesses across the globe have been bracing for higher tariffs — a key Day One promise the president made.

But over a week into his presidency, Trump has yet to enact any new tariffs.

That could change, come 11:59 p.m. ET on Saturday — the deadline Trump set for when he says he will slap 25% tariffs on all Mexican and Canadian goods and potentially a 10% tariff on all Chinese goods.

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

Speaking to reporters from the Oval Office on Thursday, Trump said he meant business, especially with his tariff threats on Mexico and Canada. Should he be believed?

Yes and no, said Trump’s former Commerce Secretary Wilbur Ross.

The threat of blanket …