U.S. President Donald Trump has granted Canada and Mexico a partial reprieve from punishing 25-per-cent tariffs until April 2. The decision brings temporary relief to Canadian businesses and Ottawa, amidst uncertainty in trade policy.
The tariff pause applies to goods compliant with the United States–Mexico–Canada Agreement (USMCA), covering a significant portion of Canadian exports to the U.S. Finance Minister Dominic LeBlanc stated that Canada won’t proceed with additional tariffs on U.S. goods while working towards their removal, though existing tariffs on $30-billion worth of U.S. goods will remain in place.