After drops in the stock market, outcry from the Big Three automakers in the U.S. and a conversation with Mexico's president, President Trump again reversed himself and is delaying tariffs against Mexico and Canada.
It was just the latest chapter in a chaotic rollout of one of Trump's favorite economic tools, one that economists broadly say will lead to higher prices. Many tariffs on lots of goods are still in place, and the delay on the rest only extends until April 2, leaving companies and consumers unsure of what to expect, sometimes hour to hour.
"It may be a little bit of an adjustment period," Trump said in his address to a joint session of Congress Tuesday, acknowledging economic repercussions that could result from tariffs, and he asked Americans, farmers in particular, to "bear with me."
Here's a look at just some of Trump's back-and-forth on tariffs since taking office, leading up to this week:
Jan. 20: On the day of Trump's inauguration, he promises tariffs on Mexico, Canada and China will be implemented Feb. 1.
Feb. 1: Trump signs executive order to implement tariffs on Canada, Mexico and China, set to start on Feb. 4. Canada announces retaliatory 25% tariffs.
Feb. 3: Trump delays tariffs on Canada and Mexico by a month. He says Mexico will send 10,000 troops to the U.S. border in order to curb migration, and he was trying to work out an economic structure with Canada.
Feb. 4: 10% tariffs are, in fact, put in place against China with China issuing retaliatory tariffs. The Postal Service puts a ban on packages from Hong Kong and China.
Feb. 5: The Postal Service reverses course and lifts the ban it put in place on Chinese packages because of the potential to create massive disruptions for online retailers and U.S. shoppers.
Feb. 10: Trump says he will impose 25% tariffs on steel imports from all countries, and he raises aluminum tariffs from 10% to 25%.
Feb. 13: Trump signs a memorandum that sets the stage for "reciprocal tariffs" to go into effect across the board on April 2.
Feb. 26: Trump says at Cabinet meeting he might give Canada and Mexico a one-month reprieve on tariffs until April 2.
Feb. 27: Trump reverses course and says they will go into effect March 4.
March 1: Trump signs executive order to increase U.S. lumber production and orders probe into potential lumber import tariffs. The U.S. imports billions of dollars in lumber products from Canada.
March 2: Commerce Secretary Howard Lutnick says tariffs on Canada and Mexico remain a "fluid situation" and that they could be less than 25%.
March 3: Lutnick again says it's possible the tariffs don't go into effect, but Trump later confirms they will.
March 4: Trump levies 25% tariffs against Mexico, Canada and China.China hits the U.S. with retaliatory tariffs, including on some agricultural imports, including chicken, pork, soy and beef. Canadian Prime Minister Trudeau blasts Trump for cozying up to Russian President Putin and imposing tariffs against allies. He threatens to hit the U.S. with retaliatory tariffs; Mocking Trudeau as "governor," Trump says he will hit back if that happens. The stock market tumbles in response. Lutnick says some of the tariffs could be rolled back as soon as the next day.
March 5: Trump delays tariffs related to autos until April 2.
March 6: Trump delays tariffs on Mexican goods. Later, he does the same for Canadian goods. The reprieve expires April 2.
NPR
11:55 am
Backtrack Trump Tariffs Smaller Yet
(Yahoo News)President Donald Trump announced on Thursday that his 25% tariffs on goods from Mexico and Canada would be delayed another month, once again backtracking on his aggressive international trade policy proposals.
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