President Donald Trump’s announcement of economy-shaking tariffs changed significantly over 24 hours. Canada and Mexico reached deals to postpone the threat of tariffs, and China issued retaliatory fees against U.S. products.
Canada and Mexico reached separate deals with Trump to postpone their 25% tariffs for 30 days. The deals spare the U.S. freight industry from what could have been significant damage to freight rates and equipment prices.
See also: Why Trump’s tariffs spell bad news for trucking’s recovery
Mexico President Claudia Sheinbaum Pardo announced on X that the country would reduce fentanyl crossing the border, and the U.S. would minimize firearm trafficking. Canadian Prime Minister Justin Trudeau wrote on X that Canada would also reinforce its border to slow the flow of fentanyl. Both countries promised to send 10,000 troops to their borders.
If Trump is dissatisfied with the countries’ work after 30 days, he could reapply the prohibitive 25% tariffs.
China faced only an additional 10% tariff but countered the levy with its own retaliatory tariffs. The country said it would implement a 15% tariff on coal and liquefied natural gas products and a 10% tariff on crude oil, agricultural machinery, and large-engine cars, according to the Associated Press. The tariffs are set to take effect on Monday.
