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Crude is among the beneficiaries of President Donald Trump’s one-month reprieve on tariffs for some imports from Canada and Mexico, a boost to oil industry leaders.

Political leaders representing states that border Canada and Mexico are sounding the alarm about how tariffs between those countries and the U.S. will impact their local economies.

President Donald Trump’s reprieve for U.S. automakers from tariffs isn’t likely to allow enough time for those companies to make the changes necessary to minimize the damage from a trade war.

President Donald Trump on March 6 postponed 25% tariffs on many imports from Mexico and some imports from Canada until April 2 amid fears of the economic fallout from a broader trade war.

President Donald Trump is likely to defer tariffs on Canada and Mexico for goods and services covered by the trade agreement known as USMCA, Commerce Secretary Howard Lutnick said.

Canadian Prime Minister Justin Trudeau said March 6 he expects Canada and the U.S. to be in a trade war for the foreseeable future after a call with U.S. President Donald Trump.

Walmart has asked some Chinese suppliers for major price reductions, with the retail giant’s efforts to shift the burden of tariffs facing strong pushback from firms in the Asian nation.

The U.S. trade deficit widened to a record in January as companies scrambled to secure goods from overseas before President Donald Trump imposed tariffs on the largest U.S. trading partners.

China's economy can weather higher tariffs imposed by President Donald Trump, the Chinese commerce minister said March 6, though he added that there are “no winners in a trade war.”

“Mexico could put their own import tariffs on — that could reduce the U.S. freight advantage. It’s a matter of how fierce the trade war gets,” said Pat Boova.