Tariffs on Canadian and Mexican Imports Rolled Back Until April 2nd

Certain tariffs on Canada and Mexico are being suspended until April 2nd. This suspension applies to articles entering under USMCA (US/Mexico/Canada Trade Agreement), with a separate rate reduction on non-USMCA-eligible Canadian potash from 25% to 10%, effective at 12:01am on March 7th. It is estimated that this reprieve affects 50% of Mexican imports and 38% of Canadian imports.

Canada announced that its second wave of retaliation on an additional C$125 billion worth of imports would be suspended. There was no indication that provinces are retracting their retaliation (though only one premier explicitly stated they were maintaining the retaliation); further details on province-by-province announcements will be provided later. Mexico did not announce any retaliation, hence there was nothing to reverse. Canada initiated a WTO complaint against the tariffs. Rep. Meeks (D-NY) and other prominent Democrats introduced resolutions to terminate the Canada and Mexico tariffs. Rep. Neal (D-MA), the leading Democrat on the House Ways and Means Committee, criticized the tariffs.