After pausing tariff hikes on imports from Mexico, US President Donald Trump has now delayed some tariffs targeting Canada, leading Ottawa to halt several countermeasures. Trump’s latest move on tariff hikes brings reprieve to companies and consumers following blowback on financial markets. Stock markets saw a downturn following the duties of up to 25 percent that took effect on Tuesday, as economists warned that blanket levies could weigh on US growth and raise inflation, according to news agency AFP.
On Thursday, the US President signed excutive orders to delay the fresh tariffs for Canadian and Mexican imports covered by a North American trade agreement. However, he dismissed suggestions that decisions taken by him were connected to market unrest.
On delaying some tariffs on Mexico and Canada, the big ones will start happening from April 2. He said that Canada is a high-tariff nation, and it charges 250% for US milk products and other products and a tremendous tariff on lumber and things as such.
“We don’t need their lumber. We have more lumber than they do. We don’t need Canada’s lumber. So what I’m doing is I’ll be signing an executive order freeing up our forests so that we’re allowed to take down trees and make a lot of money and then re-harvest trees,” the US President said.
“We don’t need trees from Canada. We don’t need cars from Canada. We don’t need energy from Canada. We don’t need anything from Canada… We can be self-sustaining, which is in most things… I’m going to be freeing that up very shortly so that we don’t have to go to other countries to buy lumber. You know, why should we be buying lumber from other countries? Paying tariffs, paying big prices, extraordinary prices. And we have lumber. We have the best lumber,” he further stated.
#WATCH | On delaying some tariffs on Mexico and Canada, US President Donald Trump says, “Those are happening next week, and the big one will be on April 2nd when reciprocal tariffs. Canada is a high-tariff nation. Canada charges us 250% for our milk products and other products… pic.twitter.com/zfkLDqekZh
— ANI (@ANI) March 6, 2025
On Thursday, Trump announced he is pausing new tariff hikes on imports from Mexico after a phone call with President Claudia Sheinbaum. On Wednesday, he had ordered a pause on the hikes applying to automobiles.
“After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay tariffs on anything that falls under the USMCA Agreement,” Trump said on Truth Social. “This Agreement is until April 2nd.”
He further stated, “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. Thank you to President Sheinbaum for your hard work and cooperation!”
These changes came two days after the US levied a 25 percent hike on tariffs on all imports from Canada and Mexico for their failure or refusal to stop the flow of illegal migrants and fentanyl in the US and 20 per cent in two separate announcements on goods from China for not stopping fentanyl at the country of origin for most of the opioid entering the US eventually.
Earlier, the US President took to his social media platform TruthSocial and claimed that Trudeau is using the tariff problem as he is looking to run again for Prime Minister. “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. So much fun to watch!,” he said.
Trump has threatened to announce a system of reciprocal tariffs on April 2, under which the US will levy tariffs on imports from trading partner countries that match rates imposed by them on American goods. He has frequently mentioned India as among these targeted countries.
(With agencies inputs)
