Scott Horsley

You know, the stock market has been flashing a signal to this administration that could not be more clear. Investors do not like this trade war. The Dow Jones industrial average tumbled more than 1,300 points on Monday and Tuesday once it became clear that the tariffs on Mexico and Canada were going to take effect.

The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.

The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.

The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.

But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.

But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.

But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.

And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.

And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.

And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.

And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.

And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.

And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.

This is akin to what we saw in the 1930s with the Smoot-Hawley tariffs, which economists are almost unanimous in saying, That global trade war worsened the Great Depression.

This is akin to what we saw in the 1930s with the Smoot-Hawley tariffs, which economists are almost unanimous in saying, That global trade war worsened the Great Depression.

This is akin to what we saw in the 1930s with the Smoot-Hawley tariffs, which economists are almost unanimous in saying, That global trade war worsened the Great Depression.

But again, Canada and Mexico, we had a free trade agreement with Canada and Mexico, which the Trump administration signed in 2020, and which they have now ripped apart. Now, it is interesting. Mexican President Claudia Sheinbaum took a more conciliatory approach, a softer approach. She didn't impose retaliatory tariffs right away, although she threatened that she would do so on Sunday.

But again, Canada and Mexico, we had a free trade agreement with Canada and Mexico, which the Trump administration signed in 2020, and which they have now ripped apart. Now, it is interesting. Mexican President Claudia Sheinbaum took a more conciliatory approach, a softer approach. She didn't impose retaliatory tariffs right away, although she threatened that she would do so on Sunday.

But again, Canada and Mexico, we had a free trade agreement with Canada and Mexico, which the Trump administration signed in 2020, and which they have now ripped apart. Now, it is interesting. Mexican President Claudia Sheinbaum took a more conciliatory approach, a softer approach. She didn't impose retaliatory tariffs right away, although she threatened that she would do so on Sunday.

And maybe that's why she's gotten a reprieve a little bit more so than Justin Trudeau, the Prime Minister of Canada, with whom the president has a notably frosty relationship. And some people have said this all comes down to personalities, kind of like what we've seen with Ukraine. You know, it's just who does President Trump personally get along with?