U.S. Tariff Update #3 – Trump pauses Tariffs, Canada suspends second wave

Yesterday, March 6, Canadian Finance Minister Dominic LeBlanc announced Canada would suspend its second wave of retaliatory tariffs – originally planned on $125 billion worth of U.S. goods – until April 2, 2025. This pause aligns with efforts to continue diplomatic work with the U.S. to resolve the tariff dispute. He noted, “Canada will not proceed with the second imposition of tariffs on the $125 billion of American products until April 2, while we continue to work to lift all tariffs.”

This step suggests a strategic delay to allow for further negotiations, reflecting a preference for de-escalation over immediate escalation. The list of goods considered under the second waves can be found here.

As of today, it appears the Canadian retaliatory tariffs that are currently in place will remain in place.

The U.S. tariffs on Canadian good covered under CUSMA are paused until April 2.