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Live: Trump threatens tariffs on Canadian lumber, dairy one day after pausing duties on Canada, Mexico

US President Trump's tariffs are reshaping US trade policy and overhauling decades of free-trade agreements with friend and foe alike.

Here's where things stand with various US trade partners:

  • Canada and Mexico: Trump's 25% across-the-board tariffs on its US neighbors went into effect on Tuesday, March 4. Just two days later, Trump confirmed the US would pause tariffs on goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2. However, Trump said Friday that he could impose reciprocal tariffs on Canadian lumber and dairy products as soon as today.

  • China: Initial 10% on China went into effect in early February, and China retaliated. Trump's second move doubled the rate of tariffs on Chinese imports to 20% from March 4. China has responded with up to 15% duties on US farm goods such as chicken and pork, to start on Monday, March 10.

  • European Union: Trump has threatened tariffs on the EU in a move that could bring his trade war across the Atlantic.

In February, Trump ordered a 25% tariff on all imports of steel and aluminum into the US from all countries, set to begin March 12. The trade escalation impacts top trading partners and bolsters industries in US states key to Trump's election.

Trump has also signed a measure that could lead to the implementation of reciprocal tariffs on US trading partners as soon as April 2, aiming to fulfill a frequent campaign promise and raise revenue as Republicans ready a tax and spending bill.

Read more: What are tariffs, and how do they affect you?

The trade posturing could have ramifications for inflation, with the potential to push prices higher. That, in turn, could influence where the Federal Reserve takes interest rates in the coming months — and years.

LIVE 194 updates
  • Enough beer to get through Trump's term: One brewery's attempt to 'help' Canadians

    Moosehead Breweries, Canada's oldest brewery, has a taken a novel approach to the US' new tariffs on (some) Canadian goods. CNN reports the New Brunswick-based company, founded in 1867, has released a super sized case of lager — 1,461 cans to be precise — which it estimates is "just enough to get through" US President Donald Trump's term:

    CNN notes the cost of aluminum lids for Moosehead products, which it can only get in the US, would be affected by the 10% tariffs. The company's CEO said about 20% of its beer is sold to the US.

    The math works out to roughly one beer a day for the rest of Trump's term. Cheers.

    Read more here.

  • Not lovin' it: Trump tariffs add to fast food giants' woes

    As McDonald's and other fast food chains deal with the twin challenges of lower foot traffic and higher costs, along comes another obstacle: President Trump's tariffs.

    Yahoo Finance's Brooke DiPalma reports than even though McD's stock hit a record high on Friday, the uncertainty around what impact tariffs will have on the sector has left companies jittery:

  • Trump says India wants to cut 'tariffs way down'

    As the dust settles from President Donald Trump's on-again, off-again tariffs on Mexico and Canada, Bloomberg reports the president says another country is ready to reduce its tariffs: India.

    India didn't immediately comment on Trump's remarks, but as Bloomberg notes, keeping access to the US market has been a top priority for Indian Prime Minster Narendra Modi. Under Trump's plans, reciprocal tariffs on India and other countries would take effect in April.

    Read more here

  • Canada ready for broad negotiations on trade, minister says

  • Capitol Gains podcast: Trump's tariff program enters the 'exemption' phase

    This week on the Capitol Gains podcast, it's all about the "exemption season" for tariffs.

    President Trump first scaled back tariffs on auto imports on Wednesday by granting the Big Three automakers a one-month reprieve. Then on Thursday, days after 25% tariffs on imports from Mexico and Canada went into effect, Trump issued a one-month pause for goods compliant with the United States-Mexico-Canada Agreement.

    “Trump went forward with these tariffs on Tuesday. In the immediate days, the economic cost of them became very evident,” Yahoo Finance Washington Correspondent Ben Werschkul said. "The CEOs and business leaders were getting to anyone they could at the White House, and they're clearly getting through in the sense that there certainly has been a walk-back [on tariff policy]. The question is what this looks like in a month when the big tariffs are in place.”

    Yahoo Finance Senior Columnist Rick Newman noted that this tariff-then-exempt approach allows the president to exert an extraordinary amount of control over the economy by allowing Trump to make one-off decisions about individual companies or industries.

    For context, Trump has "already imposed more tariffs in six weeks than all of 2018 and 2019," Newman explained. "There were 125,000 requests for exemptions from those tariffs [during his first term]. ... The Trump administration approved 41,000 exemptions, or about one-third of the requests."

  • Trump pledges tariffs on Canadian lumber, dairy products as soon as today or early next week

    President Trump said reciprocal tariffs on Canadian lumber and dairy products are coming, perhaps as early as today.

    "Canada has been ripping us off for years on lumber and for dairy products," Trump said in the Oval Office Friday afternoon. "They’ll be met with the exact same tariff unless they drop it, and that’s what reciprocal means."

    "We may do it as early as today or we’ll wait until Monday or Tuesday, but that's what we're going to do," Trump added.

    Watch a live stream of Trump's remarks below:

  • Canada suspends imports from biggest US pork processing plant

    From Reuters:

    Read more here.

  • Goldman Sachs raises tariff assumptions, lowers Q4 GDP forecast

    Goldman Sachs updated its economic forecast to account for higher tariffs, according to a new note Friday.

    Despite President Trump's pause on tariffs for USMCA-compliant goods Thursday, Goldman sees a larger US effective tariff rate going forward from the combined product-specific duties and reciprocal tariffs. This higher baseline of tariffs, in turn, will raise consumer prices and hit US economic growth, the Goldman team wrote.

    "Taking on board this additional 0.5pp drag on growth from our new larger tariff assumptions, we have reduced our 2025 Q4/Q4 GDP growth forecast to 1.7%, from 2.2% previously," the economics team wrote.

    Goldman also raised its 12-month recession probability from 15% to 20%, noting that the biggest risk stems from policy changes, though the White House could pull those back if the economic picture becomes bleaker.

  • How companies are responding to Trump's tariffs

    Corporate earnings calls have offered insights into how companies are handling the ever-shifting tariff environment.

    Reuters offered a round-up of some notable price alerts, supply chain callouts, and new US investments resulting from President Trump's trade policy:

    Higher prices

    • Best Buy (BBY): CFO Matt Bilunas said how consumers will react to price increases is "the giant wildcard" right now.

    • Target (TGT): CEO Brian Cornell said prices on fruits and vegetables will go up if 25% tariffs on Mexico and Canada remain in place.

    Sourcing shifts

    • Target also said it's moving sourcing for store brands to countries in the Western Hemisphere, like Guatemala and Honduras, and away from China.

    • Kroger (KR) said it's diversifying its commodity suppliers and will possibly shift to geographies less affected by tariffs.

    • Costco (COST) said its treasure-hunt model gives it flexibility and that it will possibly source products from countries not subject to tariffs.

    • Alcoa (AA) said it would likely reroute Canada-made aluminum to Europe and send its Australian output to the US.

    US sourcing shifts

    • Honda (HMC) decided it will produce its next-gen Civic hybrid in Indiana instead of Mexico.

    • Pfizer (PFE) said it might move overseas manufacturing to existing plants in the US.

    New Investments

    • Apple (AAPL) will invest $500 billion in the US over the next four years, including in a new AI server factory in Texas.

    • Eli Lilly (LLY) plans to spend at least $27 billion to build four new manufacturing plants in the next five years.

    Read more here.

  • Market whiplash on tariffs this week shows the limits of listening to anyone but Trump

    Yahoo Finance's Ben Werschkul writes:

    Read more here.

  • Hewlett Packard Enterprise warns tariffs will affect its server business, stock plunges 17%

    Hewlett Packard Enterprise Co. stock (HPE) dropped 17% in premarket trading Friday after the company warned that tariffs would hurt profits. The company also said it faced weak margins on server sales and that it would cut about 3,000 jobs, putting the stock on track for its worst day since 2020.

    "Recent tariff announcements have created uncertainty for our industry, primarily affecting our Server business," CFO Marie Myers said on the earnings calls. "We are working on plans to mitigate these impacts through supply chain measures and pricing actions. Through these efforts, we expect to mitigate, to a significant degree, the impact on the second half of the year and, to a lesser extent, the impact on Q2 as it takes time to implement mitigations."

    Myers added that the "hardest part" of the tariff impact would be borne in Q2.

    Read more from Bloomberg here.

  • Nintendo plummets as investors worry about tariff impact

    Trump's tariff overhaul is rattling investors in countries not directly targeted by duties, going by a slide in Nintendo's (NTDOY, 7974.T) Tokyo-listed stock.

    The Japanese games giant's shares closed over 9% lower on Friday, having hit a record high last month.

    Bloomberg reports:

    Read more here.

  • Mexico will review its tariffs on China in a potential win for Trump

    Canada responded to Trump's pause on tariffs with a matching delay of its own — but Mexico's response remained unclear. But the southern US neighbor's move late Thursday on duties on China is significant.

    Bloomberg reports:

    Read more here.

  • Canada delays second wave of retaliatory tariffs

    Canada's Finance Minister Dominic LeBlanc declared that the country will postpone a second wave of tariffs until April 2 in a post to X. This was in response to President Donald Trump's signing of an executive order today to pause certain levies against Canada.

    It remains unclear what exactly the Canadian tariffs against the US would be, but Trump's pause was on tariffs impacting the auto industry and a 10% duty on potash.

  • Trump delays Canada, Mexico tariffs for goods under USMCA

    President Trump extended a one-month tariff exemption to some goods and services imported from Canada. The action followed Trump's agreement to pause tariffs on Mexican imports earlier in the day after speaking with the leaders of the US's largest trade partners.

    Goods compliant with the United States-Mexico-Canada-Agreement (USMCA) trade agreement will not face 25% tariffs, while non-compliant goods will continue to pay the duties. The exemption is scheduled to expire on April 2, when Trump is expected to announce his reciprocal tariff plan.

    The action followed comments from Commerce Secretary Howard Lutnick that hinted that Trump was considering carveouts. Trump also granted an exemption to the Big Three US automakers — GM, Ford, and Stellantis.

    Read more here.

  • Ontario Premier Ford announces 25% surcharge on US-bound electricity

    The Canadian Press reported that starting Monday, Ontario will begin charging 25% more for electricity shipped to 1.5 million Americans.

    Ontario Premier Doug Ford announced the surcharge on Thursday in response to US tariffs on Canadian imports. He warned the governors of the states affected — Minnesota, New York, and Michigan — about the changes earlier in the week.

    "You touch the stove once, you get burned, you don't touch that stove again," Ford said. "We're going to make sure that we follow through with what we said we were going to do."

    Read more here.

  • What consumer-facing corporations are saying about Trump's March 4 tariffs

    As Yahoo Finance's Josh Schafer previously detailed, mentions of tariffs by corporate America have skyrocketed in recent weeks.

    For the most part, executives have responded by acknowledging policy uncertainty, reassuring shareholders they are monitoring their supply chains, or anticipating price hikes.

    However, one company stands out as being less concerned than others: pharmaceutical giant Novo Nordisk (NVO).

    "For Novo Nordisk, I do not worry a lot about tariffs," CEO Lars Jørgensen said Thursday.

    For a look at what other consumer-facing companies are saying about Trump tariffs, see the chart below:

  • Bessent: 'I am not worried about inflation' from Trump's tariffs

    Speaking at the Economic Club of New York Thursday, Treasury Secretary Scott Bessent brushed off concerns that the Trump administration's latest tranche of tariffs could reignite inflation.

    Yahoo Finance's Jennifer Schonberger reports:

    Read more here.

  • US trade deficit surged to a record ahead of Trump tariffs

    The US trade deficit surged to a record $131 billion in January ahead of President Trump's tariffs on the US's top trading partners. One reason for this appears to have been companies importing larger quantities of goods in an effort to front-run the tariffs.

    Bloomberg reports:

    Read more here.

  • Brett LoGiurato

    Trump confirms pause on some imports from Mexico

    President Trump confirmed what Commerce Secretary Howard Lutnick hinted at earlier today.

    He posted on his Truth Social platform:

    No specific word yet on Canada...


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