U.S. President Donald Trump on Thursday lifted the 25 per cent tariffs on Canadian and Mexican goods that fall within the North American free trade deal until April 2, the same day that he is set to impose unspecified reciprocal tariffs on many countries. The tariffs still apply to about half of Mexican goods and 63 per cent of Canadian imports, which the White House says are not covered by the free trade deal.  (The Logic)

Talking point: Trump also lowered the tariff on potash, a key ingredient in fertilizers, to 10 per cent. The U.S. imports most of its potash from Canada. Trump said on social media that he agreed to the break for Mexico after speaking with President Claudia Sheinbaum, saying he did so “as an accommodation and out of respect” for the leader and her co-operation with the U.S. on stopping illegal migration and fentanyl at the border between both countries. Trump did not have such warm words after his Wednesday conversation with Prime Minister Justin Trudeau, who on Thursday described the call as both “colourful” and “very substantive.” Major indices, including the Dow Jones Industrial Average and the Nasdaq, closed down almost 1 per cent Thursday.