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Bessent noted the authority for the new duties allows for the measure to last 150 days. During that time, he said authorities will be looking at using other legislation to resurrect the tariff regime.

U.S. Commerce Secretary Howard Lutnick dismissed as “political noise” the moves in recent days by Canada’s Prime Minister Mark Carney to strengthen trade relations with China.

Goldman Sachs Group Inc. economists gamed out the potential economic implications of a Republican or Democratic victory in the November elections.