@cspanofficial: President Trump reversed course on Thursday, signing a one-month suspension of his sweeping tariffs for most goods from Canada and Mexico. Goods traded under the rules of the U.S.–Mexico–Canada Agreement (USMCA), the trade pact he signed in his first term, will be exempt from the 25% levies he imposed earlier in the week. The move came a day after he gave a one-month reprieve to carmakers, who argued the tariffs would severely hurt the U.S. auto industry. The president has upended North American trade with his tariff policies, roiling markets, stoking diplomatic tensions, and inserting uncertainty into industries heavily reliant on trade. He said the tariffs were intended to spur the Mexican and Canadian governments to do more to address migrants and drugs coming into the U.S. “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement,” the president wrote on social media. “I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl.” Speaking to reporters in the Oval Office, the president denied the reversal was influenced by turmoil in the stock market, his favorite economic indicator. “No, nothing to do with the market,” he said. “I’m not even looking at the market because long term, the United States will be very strong with what’s happening.” Asked again about the market, which is heading for a losing week, the president blamed the recent selloff on “globalists.” “I think it’s globalists that see how rich our country’s going to be and they don’t like it,” he said. “But again, they’ve been ripping off this country for years. And they’re going to do great — everyone’s going to do great. But we can’t let this continue to happen to America.” #tariffs #trump #cspan

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Thursday 06 March 2025 22:27:41 GMT