But Trump announced time was up on March 3, and the tariffs went into effect overnight. Stock markets slipped, Canada ordered reciprocal tariffs, and by Thursday, Trump gave another 30-day extension to goods covered under the United States-Mexico-Canada Agreement, which applies to approximately 38% of imports from Canada.

President Donald Trump backed down from an extraordinary trade war escalation Tuesday that had threatened a massive surge in Canadian steel and aluminum tariffs and new tariffs on Canadian electricity.