Trump announced that he will temporarily suspend new tariffs
President Donald Trump announced today that he will temporarily suspend the new 25% tariffs on a wide range of imports from Canada and Mexico.
NBC- President Donald Trump announced today that he will temporarily suspend the new 25% tariffs on a wide range of imports from Canada and Mexico. This move comes just two days after the tariffs were enacted, leaving American businesses and markets in a state of uncertainty. The tariffs, which targeted goods ranging from avocados to auto parts, were initially introduced as part of Trump’s ongoing trade strategy. However, the decision to reverse them for one month seems to have caught many by surprise. Despite this, the president remained adamant that the policy shift was not influenced by concerns over rising consumer prices or fluctuations in the stock market.
“I’m not even looking at the market, because long term, the United States will be very strong with what’s happening here,” Trump stated, stressing that the long-term benefits of his trade policy would outweigh short-term volatility.
The suspension primarily affects goods covered by the United States-Mexico-Canada Agreement (USMCA), negotiated during Trump’s first term in office. However, it should be noted that about 60% of Canadian imports and half of Mexican imports will remain subject to the 25% tariffs. The temporary reprieve provides some relief but leaves much uncertainty in its wake, as all bets are off after a month when President Trump has signaled his intention to implement reciprocal tariffs on almost every U.S. trading partner.
“We just weren’t treated right. We were ripped off,” Trump reiterated, defending the tariffs and indicating that the decision was part of a broader negotiation strategy. American businesses are now left in limbo, uncertain of what to expect once the temporary suspension expires. Chuck Dardas, President and COO of Alpha USA, expressed concern, saying, “Thirty more days to worry about it.”
Meanwhile, the February jobs report, set to be released later today, will mark the first full month of employment data under the new Trump administration. As the administration faces multiple uncertainties, President Trump also indicated a shift in his approach to federal workforce reductions.
“I want the Cabinet members to keep good people. I don’t want to see a big cut where a lot of good people are cut,” Trump said. He emphasized that the cuts should be done with precision, likening the process to using a “scalpel” rather than a “hatchet.” The markets and workforce remain on edge as Trump presses forward with his ambitious agenda.
President Trump signed an executive order overnight to establish a strategic Bitcoin reserve, funded by cryptocurrencies seized in criminal and civil cases. The Treasury Department will also manage a digital asset stockpile to oversee other confiscated cryptocurrencies.
