Trump Suspends Tariffs on Mexico, Canada

As his commerce secretary hinted, President Trump has suspended tariffs on many imports from Mexico and Canada for a month, reports the Wall Street Journal.

• Mexico: "I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote on social media, referring to a trade pact from his first term, per the New York Times. "This Agreement is until April 2nd. I did this as an accommodation, and out of respect for President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl."

• Canada: In another Truth Social post earlier Thursday, Trump didn't mention suspending tariffs on imports from Canada, but he did make a dig at Prime Minister Justin Trudeau. "Believe it or not, despite the terrible job he's done for Canada, I think that Justin Trudeau is using the Tariff problem, which he has largely caused, in order to run again for Prime Minister," Trump wrote. "So much fun to watch!" The White House later said tariffs on Canadian imports would also be delayed.
• What's covered: CNN reports that White House officials say 50% of imports from Mexico and 36% of imports from Canada are covered by the USMCA—though items that were not technically in compliance with the agreement have, until now, generally have been treated as if they were. White House officials say a 10% tariff on Canadian energy will remain in place.
• Market confusion: Stocks pared losses after the Mexico announcement, but the major indexes soon fell again, with the benchmark S&P 500 down almost 2%. "You're just having confusion," Keith Lerner of Truist tells CNBC. "That confusion is permeating into the day-to-day swings of the market."

This story has been updated with new developments. (More tariffs stories.)