Washington: US President Donald Trump has signed orders to significantly expand the list of goods exempt from import duties, eliminating tariffs on Canada and Mexico.
This is the second time in two days that Trump has reduced tariffs on imports from two of America’s largest trading partners, the actions of which yesterday created uncertainty in business circles and worried financial markets.
President Trump announced the postponement of tariffs on both countries until April 2, telling reporters that April 2 will be the most important day in American history.
On Wednesday, Trump announced that he would temporarily exempt automakers from a 25 percent import tax, this move was made just a day after the taxes began to be implemented.
Mexican President Claudia Scheinbaum thanked Trump for the decision, while Canada’s finance minister said Canada would delay the expected second round of retaliatory tariffs on US products in response.
Trudeau told reporters that the trade war between the two allies was likely to continue for the foreseeable future, although some targeted concessions had been made. “Our goal is to eliminate all tariffs.”
Canada has already imposed retaliatory tariffs on US$21 billion worth of US goods.
The trade war pressure has rattled global markets and raised concerns about economic instability.
US stock markets fell in the afternoon yesterday, with the S&P 500, which tracks the 500 largest US companies, ending down about 1.8%.
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