The Mexican peso and Canada’s dollar immediately jumped to session highs against the US dollar after the news that both countries aren’t subject to reciprocal tariffs for now.The peso was up 0.8 per cent, while the loonie gained 0.5 per cent.
That dynamic presents a political problem for Trump: economic hurt from the tariffs could come quickly, while any gain in the form of a restructured US economy could take years or longer to materialize.“The preliminary numbers are definitely more than we were expecting” and could boost the prices of some imported goods, said Veronica Clark, an economist at Citigroup Inc.“But in general we haven’t been as worried about broader inflation spillover because demand is weaker.
Trump declared a national emergency tied to the US trade deficit, which stood at more than $918 billion for goods and services in 2024, allowing him to use unilateral authority under the International Emergency Economic Powers Act to impose the most sweeping set of tariffs in generations.
The story "Trump's tariffs announcement send shockwaves across global economy" has 1195 words across 38 sentences, which will take approximately 5 - 10 minutes for the average person to read.
Which news outlet covered this story?
The story "Trump's tariffs announcement send shockwaves across global economy" was covered 20 hours ago by Business Standard, a news publisher based in India.
How trustworthy is 'Business Standard' news outlet?
Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news.
The outlet is headquartered in India and publishes an average of 258 news stories per day.
It's most recent story was published 3 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
