The ongoing trade conflict between Canada and the United States reached a critical juncture this week as both nations announced retaliatory tariffs exceeding $20 billion, primarily targeting steel and aluminum imports.
The European Union has announced sweeping countermeasures valued at €26 billion ($28 billion) in response to the Trump administration’s decision to impose 25% tariffs on all steel and aluminum imports, effective March 12, 2025.
The Trump administration is temporarily easing newly imposed tariffs on Canada and Mexico, offering a one-month auto sector carve-out in response to requests from Ford, Stellantis, and General Motors due to their reliance on free trade within the USMCA agreement. While Press Secretary Karoline Leavitt emphasized that these reciprocal tariffs are set to resume on April 2nd, urging automakers to shift production to the U.S. to avoid them, the broader 25% tariffs on Canada and Mexico, along with the 20% tariff on Chinese imports, remain largely unchanged. This volatility in tariff policy, driven by concerns over fentanyl flow and national security, is causing uncertainty for businesses and market fluctuations, even as the administration signals that tariffs are central to Trump’s economic strategy.
The Dodge Momentum Index for January 2025Â has risen to 225.7 from 213.6 in December of 2024
This change indicates an increase of commercial and industrial construction. Both sectors are heavy consumers of metal and steel products. This momentum index is a strong indicator for an increase of construction projects later in the year.Â
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