Trump Makes Rare Concession! Temporarily Halts Tariffs on Canada and Mexico!

TradingKey - Facing Canada's firm retaliatory stance, Trump did not impose reciprocal tariffs but instead made a rare concession by temporarily suspending the tariffs.  

On Thursday, Trump signed an amendment to the tariffs on Mexico and Canada, temporarily suspending the 25% tariffs on most goods from Canada and Mexico until April 2. At the same time, Trump reduced the tariff rate on Canadian potash to 10%.

On March 3, Trump insisted that the 25% tariffs on Canadian and Mexican goods would take effect as scheduled on March 4. In response, Canada announced tariffs on $155 billion worth of U.S. goods.

Facing Canada's firm stance, Trump previously stated, "Canada's retaliatory tariffs on the U.S. will immediately trigger an equivalent increase in U.S. tariffs." However, Trump did not follow through with retaliation and instead made a concession by temporarily suspending the tariffs.

Trump's trade policies have already caused turmoil in global financial markets, with U.S. stocks declining for three consecutive weeks. However, Trump believes the stock market decline is unrelated to his tariff policies and blames it on "globalists."