New tariffs will take effect ‘immediately’
Trump’s new tariffs will take effect “immediately” after he announces them in the Rose Garden, White House press secretary Karoline Leavitt said Tuesday.
The timeline offered a morsel of clarity about the reciprocal tariff plan, which remains highly opaque just hours before it is set to be unveiled.
— Kevin Breuninger
Mexico, Canada pledge greater trade cooperation in face of Trump tariffs
Canada’s Prime Minister Mark Carney takes part in a press conference to discuss a response to U.S. President Donald Trump’s new tariffs, in Ottawa, Ontario, Canada March 27, 2025.
Blair Gable | Reuters
Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum spoke on the phone in advance of looming U.S. tariffs to reaffirm their “strong trading and investment relationship,” Ottawa said.
“With challenging times ahead,” the two leaders “emphasized the importance of safeguarding North American competitiveness while respecting the sovereignty of each nation,” Carney’s government said in a statement after Tuesday’s call.
Carney also laid out his “plan to fight unjustified trade actions against Canada” by the Trump administration.
In separate remarks to reporters on Tuesday, Carney said Canada is prepared to retaliate against whatever actions the U.S. takes Wednesday.
“We have held back, but we will not disadvantage Canadian producers and Canadian workers relative to American workers,” he said.
— Kevin Breuninger
Tariffs come as U.S. economy is flashing warning signs
Shoppers cast shadows as they carry their bags along the waterfront in Portland, Maine, U.S, December 26, 2024.
Kevin Lamarque | Reuters
Trump is about to drop a sweeping tariff policy on an economy that already seems to be showing cracks.
Several top analysts have lowered economic growth projections in recent weeks and warned of persistent inflation, dragging the term stagflation back into the conversation.
Strategists and fund managers have also recently raised the probability of a recession, a shift that stems in large part from concerns about the Trump administration’s fiscal policies.
These fears coincide with a highly volatile stock market and souring sentiment from consumers and businesses alike.
— Kevin Breuninger