U.S. President Donald Trump is expected to take a narrower approach to the wide-ranging reciprocal tariffs he threatened to slap on countries around the world, but Canada is still a target. (The Wall Street Journal, Bloomberg)

Talking point: Dubbed “Liberation Day” by Trump, April 2 is when the president has pledged to match trade measures other countries have imposed on the U.S., such as tariffs, subsidies and “discriminatory or extraterritorial taxes”—including Canada’s digital services tax. He has also suggested tariffs on autos, semiconductors and pharmaceuticals would take effect that day. Media reports citing unnamed officials say that is no longer the timeline for sector-specific tariffs. The Wall Street Journal reported the reciprocal tariffs could hit just the countries Trump deems have large and persistent trade deficits with the U.S. The U.S. trade representative included Canada on that list in a notice posted to the Federal Register about reciprocal tariffs last month.