Canada announced a slew of new tariffs on U.S. imports Wednesday amid an escalating trade war with President Donald Trump. Trump’s 25% tariffs on Canadian and Mexican goods went into effect last week,

President Donald Trump on Thursday signed executive actions that delay for nearly one month tariffs on all products from Mexico and Canada that are covered by the USMCA free trade treaty, a significant walkback of the administration’s signature economic plan that has rattled markets,

U.S. tariffs on Canada have put experts at odds over how appropriate the action was, particularly given the unaddressed demand side of the fentanyl epidemic.

Trump, who has imposed 25% tariffs on almost all products imported from Canada, has repeatedly said this year that the US has a “$200 billion” trade deficit with Canada – sometimes making the claim explicitly and sometimes using vaguer language about a supposed $200 billion subsidy or loss to Canada.

It's the latest twist in a fluctuating trade policy that has whipsawed markets and fanned worries about inflation and growth.

Consulates from Mexico and Canada addressed the impact of Trump’s shifting immigration and economic policies. They urged calm amid misinformation, and highlighted economic concerns from tariffs.

The leaders of both Canada and Mexico got on the phone with President Donald Trump this past week to seek solutions after he slapped tariffs on their countries, but China’s president appears unlikely