The threat of US tariffs on Canada and Mexico seems to have abated for now. Both countries made largely symbolic commitments to border security that convinced Trump to delay the tariffs for one month. This makes it seem likely that the tariffs could be delayed again, or canceled entirely.

This is the least bad outcome. But although much of the world is breathing a sigh of relief, the mere knowledge that Trump could change his mind and implement tariffs on America’s key allies and trading partners at any moment will exert a chilling effect on business investment. Bloomberg reports:

Over a frantic 72 hours,

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