Trump delays tariffs on Canadian and Mexican goods
US President Donald Trump announced the suspension of new tariffs on Mexico and Canada with 25% tariffs which will now expire on April 2nd, Barron’s reported on March 6th.
The suspension affects industries in both countries, particularly those in sectors like agriculture and automotive that rely on cross-border trade. As reported by Barron’s, industry groups have expressed concerns over the impact of the tariffs on these sectors and have advocated for a more permanent resolution to prevent further disruptions.
Canada has also delayed its retaliatory tariffs, which were set to target C$125 billion worth of US products. The suspension of these tariffs will last until April 2nd. Canadian Finance Minister Dominic LeBlanc confirmed this decision.
Commerce Secretary Howard Lutnick told CNBC: “On April 2nd we’re going to move with the reciprocal tariffs, and hopefully Mexico and Canada will have done a good enough job on fentanyl that this part of the conversation will be off the table, and we’ll move just to the reciprocal tariff conversation.” Lutnick added: “But if they haven’t, this will stay on.”
Recently, Mark Carney was announced as the new Prime Minister of Canada, succeeding Justin Trudeau, The National via Bloomberg reported on March 9th.
AL24 News, Reuters, Barron’s, The National via Bloomberg
