United States President Donald Trump unveiled a temporary rollback to tariffs targeting Canada and Mexico, providing some reprieve to companies and consumers after blowback on financial markets.
President Trump signed orders to delay fresh levies for Canadian and Mexican imports covered by a North American trade agreement, though he dismissed suggestions that his decisions were linked to market turmoil.
He added that major moves would be unveiled on April 2, the date that he promised reciprocal tariffs to remedy practices Washington deems unfair.
Analysts revealed that After President Trump’s sweeping tariffs of up to 25 percent on the two US neighbors took effect, stock markets tumbled, while economists warned that blanket levies could weigh on US growth and raise inflation.
The halt to tariffs which lasts until April 2, came hours after the White House announced similar relief for automakers.
A White House official told reporters that about 62 percent of Canadian imports will still face the new tariffs, although much of these are energy imports hit by a lower rate of 10 percent.
The United States president also said he would not modify broad tariffs for steel and aluminum, which are due to take effect next week.
