President Donald Trump said Thursday that he is delaying tariffs on goods from Mexico and Canada, two days after his announcement of a 25% tariff on the U.S.’s closest neighbors sent markets into a tailspin.
Conversations with the Big Three U.S. automakers and Mexican President Claudia Sheinbaum have left the president hesitant to move forward as planned, according to reporting from National Public Radio.
The reprieve on tariffs is expected to last until at least April 2. Trump has said that separate tariffs on steel and aluminum will go into effect as planned on March 12.
A number of U.S. business leaders have indicated dissatisfaction with the Mexico and Canada tariffs, saying the operational challenges and costs could create serious disruptions in the U.S. economy. Executives from Target, Best Buy, Mattel, Hasbro, Walmart and Costco have all indicated the consumer price hikes are likely if the tariffs go through, according to reporting from Axios.
