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Trump walks back tariffs on Mexico, Canada for another month

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Stocks sunk Thursday afternoon despite President Donald Trump’s decision to grant major exceptions to the 25% tariffs he put on Mexico and Canada earlier this week.

All three major U.S. market indexes were in the red by the time of Trump’s afternoon bill signing. Trump said Thursday in the Oval Office that steel and aluminum tariffs were on track for next week without modifications.

Trump shrugged off the stock losses, blaming the decline on “globalists.”

“I think it’s globalists that see how rich our country is going to be and don’t like it,” he said.

Trump has promised that his tariffs would shift the tax burden away from Americans and onto foreign countries, but tariffs are generally paid by the people who import the products. Those importers then have a choice: They can either absorb the loss or pass it on to consumers through higher prices. He also promised tariffs would make America “rich as hell.” And he’s used tariffs as a negotiating tactic to tighten border security.

Trump granted temporary tariff relief to both Canada and Mexico on Thursday by exempting goods under the United States-Mexico-Canada Agreement from tariffs until April 2.

On April 2, Trump plans to announce broader reciprocal tariffs against countries that impose tariffs on U.S. goods or keep U.S. goods out of their markets through other methods.

Since imposing his latest round of tariffs on top of trading partners this week, Trump has been paring them back. On Wednesday, Trump said the Big Three automakers – Ford Motor Co., General Motors Co. and Stellantis NV – would be exempt from his tariffs for a month.

In February, Trump took a step forward on his plan to put reciprocal tariffs on U.S. trading partners by signing a memo directing staff to come up with solutions in 180 days. Trump previously said he would put those tariffs in place on April 2 to avoid any confusion on April 1.

In his joint address to Congress on Tuesday, Trump said all countries would have to either make their products in the U.S. or be subject to tariffs.

“Whatever they tariff us, we tariff them. Whatever they tax us, we tax them,” Trump said. “If they do non-monetary tariffs to keep us out of their market, then we do non-monetary barriers to keep them out of our market. We will take in trillions of dollars and create jobs like we have never seen before.”

The United States-Mexico-Canada Agreement, or USMCA, governs trade between the U.S. and its northern and southern neighbors. It went into force on July 1, 2020. Trump signed the deal. That agreement continued to allow for duty-free trading between the three countries for products largely made in North America.

U.S. goods and services trade with USMCA totaled an estimated $1.8 trillion in 2022. Exports were $789.7 billion and imports were $974.3 billion. The U.S. goods and services trade deficit with USMCA was $184.6 billion in 2022, according to the Office of the United States Trade Representative.

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Real Challenges Await Carney

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From the National Citizens Coalition

By Peter Coleman, President, National Citizens Coalition

Carney’s Washington Trip: A Low Bar Cleared, But Real Challenges Await

The legacy media circus surrounding Prime Minister Mark Carney’s recent trip to Washington was predictable, wasn’t it? The Liberal-subsidized press, ever eager to prop up their chosen darlings, couldn’t stop fawning over how Carney “stood up” to President Donald Trump. As someone who’s never been accused of waving a Liberal flag, I’ll admit it was refreshing to see a Canadian leader who could string two coherent sentences together without embarrassing us on the world stage. After years of Justin Trudeau sullying our nation with his very presence, Carney’s performance cleared the lowest of bars. But let’s not break out the champagne just yet.

NCC and Western Standard readers—hard-working folks who value straight talk over CBC’s syrupy narratives, or the Globe and Mail’s elitist drivel—know better than to judge a politician by their words. Carney’s entire election pitch boiled down to terrifying voters with a hyperbolic “Orange Man bad, vote for me” message. It was a message tailor-made for naive leftists glued to legacy media, blissfully unaware of the real world. Meanwhile, those of us reading outlets like this one, where ideas are challenged and truths are unearthed, saw through the bombast and the cynical “elbows up” campaign strategy, and we know to judge leaders by what they do, not what they say to get elected. On that front, Carney’s still got a steep hill to climb.

So let’s give credit where it’s due—not to Carney, but to Alberta Premier Danielle Smith. Her recent press conference was a masterclass in clarity and conviction, laying out conditions for a new relationship with a federal government that’s long treated Alberta with disdain. For too many in Ottawa, Alberta’s nothing more than a cash cow to prop up Quebec through equalization payments while dismissing the West’s reasonable concerns as backwater griping. Smith’s demands were practical and rooted in the reality that Alberta’s contributions deserve more respect, not contempt. So, how did the so-called “smartest guy in the room”—as Carney and his media cheerleaders love to proclaim—respond to these demands? Crickets. No answers, no action, just the same old Liberal sidestep.

Meanwhile, while Carney basks in the afterglow of his Washington photo-op, the world isn’t waiting for Canada to get its act together. As I write this, the United States and the United Kingdom have just announced the framework for a historic free trade agreement. Remember Carney’s campaign promises? He was supposed to be the guy securing “historic” trade deals with the UK and the EU. Yet here we are, watching the UK cozy up to the U.S. while Canada’s left on the sidelines. What happened? Could it be that Carney’s thinly veiled carbon tax obsession and climate change dogma—kept under wraps during the campaign—are already scaring off potential partners? Or perhaps our allies see what millions in Canada have already noticed: a leader surrounded by the same incompetent Trudeau-era cabinet, who may still be destined to recycle the same tired and destructive ideas that have held Canada back for a decade.

Time will tell, but the clock is ticking, and Canada’s still moving in slow motion. Carney will soon learn the hard way that governing is a far cry from glad-handing in Beijing, benefiting from President Trump’s election interference, or fear-mongering on the campaign trail. Most Canadians aren’t interested in more rhetoric; we want results. With our vast resources, we should be the richest country on Earth, yet for ten years, we’ve been sliding backward. Our economy is stagnant, our global influence is waning, and Ottawa’s obsession with centralized control and woke policies have left us ill-equipped to compete. The time for change isn’t tomorrow—it’s now.

Carney’s got a chance to prove he’s more than a slick operator, but he’s got to deliver. Alberta’s demands, as articulated by Smith, aren’t just a wishlist; they’re a pre-requisite to restoring fairness and unleashing our potential. Ignore them, and Carney risks alienating the real economic engine of this country. Canadians deserve better than another decade of mismanagement and excuses. Here at the National Citizens Coalition, we’ve been around since 1967, and we’ve seen governments come and go. Through it all, we’ve stayed true to our mission: advocating for freedom and common sense, and a Canada that lives up to its promise. Mark Carney is on notice—words won’t cut it anymore. It’s time to act.

But more than anything, it’s time for government to get out of the way.

Peter Coleman is the President of the National Citizens Coalition, Canada’s pioneer conservative non-profit advocacy group.

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Trump announces UK will fast-track American products under new deal

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Quick Hit:

President Donald Trump on Thursday announced the framework of a new trade agreement between the United States and the United Kingdom, calling it a breakthrough that will eliminate red tape and fast-track American exports.

Key Details:

  • President Trump told reporters the UK would be “opening up the country” to American goods, particularly U.S. beef and other agricultural exports.

  • Although the current 10% tariff rate on the UK will remain, the agreement offers Britain some flexibility on imports like auto parts and aircraft components while laying the foundation for an “economic security agreement.”

  • Trump emphasized that the UK has agreed to speed up the customs process for American products: “There won’t be any red tape—very fast approvals.”

Diving Deeper:

President Donald Trump on Thursday revealed that the United States and the United Kingdom have finalized the framework for a new bilateral trade deal, marking the first formal economic pact since his administration’s imposition of “Liberation Day” tariffs last month. Speaking from the Oval Office, Trump said the deal would ease trade barriers and accelerate customs clearance for American exports, with a particular focus on agricultural products like beef.

“They’ll also be fast-tracking American goods through their customs process, so our exports go to a very, very quick form of approval, and there won’t be any red tape,” Trump said. While a 10% tariff on British goods remains in place, the agreement grants London some relief on imports of automobile and aircraft components and extends an invitation to join a broader “economic security agreement.”

Prime Minister Keir Starmer joined the announcement via speakerphone and praised the negotiating team for their work. “This has been under discussion for weeks,” Starmer said, highlighting the roles of Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer in brokering the deal.

The announcement underscores the growing rapport between Trump and Starmer, who previously met at the White House on February 27th. While the final terms of the deal are still being worked out, the Trump administration has positioned this framework as a significant win in its broader push to restructure global trade in favor of American producers.

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