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President Donald Trump on March 6 postponed 25% tariffs on many imports from Mexico and some imports from Canada until April 2 amid fears of the economic fallout from a broader trade war.

Canadian Prime Minister Justin Trudeau said March 6 he expects Canada and the U.S. to be in a trade war for the foreseeable future after a call with U.S. President Donald Trump.

“Mexico could put their own import tariffs on — that could reduce the U.S. freight advantage. It’s a matter of how fierce the trade war gets,” said Pat Boova.

President Donald Trump is granting a one-month exemption on his new tariffs on imports from Mexico and Canada for U.S. automakers, amid fears that the trade war could harm U.S. manufacturers.

Prime Minister Justin Trudeau is not open to lifting Canada’s full package of retaliatory tariffs if U.S. President Donald Trump leaves any tariffs on Canada in place.

President Donald Trump’s long-threatened tariffs against Canada and Mexico went into effect March 4, putting global markets on edge and setting up costly retaliations by North American allies.

Canada announced a package of counter-tariffs against U.S. products after President Donald Trump confirmed that his administration will go ahead with levies against Canada and Mexico.

Lumber futures rose to the highest in more than two and a half years after President Donald Trump ordered an investigation into shipments of the commodity into the U.S.

The long-promised tariffs scheduled to take effect March 4 would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports.

U.S. Treasury Secretary Scott Bessent said Mexico has proposed matching Washington’s tariffs on China and urged Canada to do the same.