Trump has moved to make goods from Canada and Mexico, America’s biggest trading partners, more expensive in the U.S. — but so far, his actions have blown up in his face. Tariffs, or import taxes, of up to 25% on our immediate neighbors tanked U.S. stock markets, sending the Dow Jones Industrial Average below its early 2025 level.
New: The S&P 500 erased its post-election gain, wiping out $3.4 trillion in value
Facing retaliatory tariffs from Canada and Mexico on U.S. goods, Trump announced a one-month suspension of his new import fees on March 6. Executives from the Detroit Three automakers also lobbied Trump for exemptions from the sanctions, and they succeeded. However, the White House still creates uncertainty about the president’s plans to impact trade with America’s neighbors. As a result, the threat of job and industry losses in the United States remains.