Congress appears set to avoid a government shutdown, with the Senate preparing to pass legislation that would fund the government through September at spending at levels similar to the 2024 fiscal year.

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,

The 25% tariffs on all goods from Canada and Mexico join an additional 10% increase in tariffs on goods from China, making that now a 20% tax on imported goods from that trading partner.

Many imports from Canada and Mexico will be exempt from tariffs, as the president quickly reversed a sweeping trade action taken just two days ago after market turmoil.

Starting just past midnight, imports from Canada and Mexico are now to be taxed at 25%, with Canadian energy products subject to 10% import duties.

The president has launched a trade war seeking to quell the flow of illegal immigrants and the illegal trafficking of drugs and rebalance trade.

Airfares and hotel rates aside, the posturing and rhetoric have already turned off some prospective travelers.

Officials in Beijing are increasingly worried that President Donald Trump's tariffs on Mexico may be the start of a broad campaign to force developing countries around the world to choose between trade with the United States or with China.

President Donald Trump has justified tariffs on Canadian imports by citing a flood of smuggled fentanyl. But nearly all of the powerful opioid is smuggled from Mexico.

President Trump is locked in a tit-for-tat tariff war with Canada, Mexico, the European Union and China in a bid to remake the US economy for the long term – and some early winners and losers have already emerged.