Over the weekend, U.S. President Trump announced steep tariffs on goods from Canada, Mexico, and China, citing illegal fentanyl and immigration as national emergencies. He imposed a 25% tariff on all Canadian and Mexican imports and a 10% increase on Chinese goods, also suspending the de minimis exemptions for these countries.

However, by Monday, Trump paused the North American tariffs for a month after Canada and Mexico promised stricter border controls. This also halted their planned retaliation, though the tariffs on China remain.

The sudden moves disrupted markets and raised fears of higher prices, slower growth, and trade uncertainty. Trump’s Commerce Secretary nominee, Howard Lutnick, suggested these were “action-oriented” tariffs, with a broader 60% tariff on Chinese goods possibly coming later this year.

China has responded with its own tariffs and an anti-trust probe into Google, while also signaling it may restart trade talks. Meanwhile, businesses may rush to import goods before any new tariffs take effect, potentially keeping U.S. shipping costs high in the coming months.