US Signals Possible Tariff Relief for Canada, Mexico
Good morning. The trade war picture just got a little murkier. Prada defies the luxury industry's downturn thanks to Miu Miu. And a startup has successfully created a 'Woolly Mouse.' Listen to the day's top stories.
The tariff fallout is here, but don't expect an end to the volatility.The US signaled possible relief for Canada and Mexico, less than 24 hours after Donald Trump's duties went into effect, with Commerce Secretary Howard Lutnick telling Fox Business Network there may be some rollback Wednesday. US stocks posted a loss in a volatile regular session spurred by the widening trade war ahead of the president's address to Congress. The loonie and peso jumped to session highs and the dollar fell.
Earlier, two distinct responses emerged in North America. Canadian Prime Minister Justin Trudeau accused Trump of attempting to collapse the economy of the US's northern neighbor. In Mexico, leader Claudia Sheinbaum decried the tariffs but said she'll wait until Sunday to unveil countermeasures. The shockwaves may hit American consumers soon—with Best Buy and Target warning customers to expect higher prices as a result of the levies.
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