The 47th President of the United States (US), Donald Trump, on Thursday, announced the delay of some tariffs targeting Canada and Mexico, leading Ottawa to halt an upcoming wave of countermeasures.
US Stock markets tumbled after Trump’s duties of up to 25 per cent took effect on Tuesday, March 5, as economists warned that blanket levies could weigh on American growth and raise inflation.
Following the development, President Trump signed orders to hit pause on the fresh tariffs for Canadian and Mexican imports covered by a North American trade agreement, though he dismissed suggestions that his decisions were linked to market turmoil.
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Shortly after Trump’s decision, Canadian Finance Minister Dominic LeBlanc wrote on X that his country will not proceed with the second wave of tariffs on $125B of US products until April 2nd, while they continue to work for the removal of all tariffs.
However, Trump said more tariffs would come on April 2, adding they would be reciprocal in nature. He had earlier vowed reciprocal levies to remedy practices Washington deems unfair.
