A broad tax on imports from Canada and Mexico was reversed yesterday by President Donald Trump, extending until April 2 a 25% tax on goods coming to the US. The decision comes less than 48 hours after levies were placed on goods coming from both countries.
US officials have framed the tariffs as leverage to compel both partners to enforce border security, crack down on the flow of illegal drugs like fentanyl, and more. Critics have argued the rapid changing of taxes on a wide range of goods prevents long-term planning by manufacturers. Total trade between the three countries is roughly $1.8T, with $680B in 2022 coming from US goods exported to other countries (see details).
See 1440's breakdown of what tariffs are and how they work here.
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