Tariffs

The morning after President Donald Trump addressed corporate America in Washington, one of the nation's top chief executives called on him for more policy certainty.

With views of current finances among the poorest Americans already near the lowest in 14 years, tariffs are set to add more pressure by making many everyday items even pricier.

American lumber producers have alleged that the Canadian lumber system amounts to a subsidy — a charge Canadians deny — and the countries have fought over tariffs on those products for decades.

As steep tariffs on Canadian goods took effect this week, banks on both sides of the border expressed concern about the economic fallout and the uncertainty their customers face.

President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, according to Commerce Secretary Howard Lutnick.

The Trump administration could announce a pathway for tariff relief on Mexican and Canadian goods covered by North America's free trade agreement as soon as tomorrow, Commerce Secretary Howard Lutnick said Tuesday.

Traders added to bets on interest-rate cuts from the Federal Reserve amid concern about the impact of US trade tariffs on global economic growth. 

A Commerce Department investigation will examine whether exporters like Canada, Germany, and Brazil are dumping lumber into US markets at the expense of American economic prosperity and national security, officials said.

The potential impacts of import tariffs cloud the outlook, though, and could lead mortgage rates to surge and fall throughout the coming year.

Similar import taxes on steel and aluminum were imposed by President Trump during his first term, albeit at a lower rate for the latter material.