President Trump announced Thursday that most goods covered under the U.S.-Mexico-Canada Agreement (USMCA) will be exempt from his 25% tariffs for the next month.

The tariffs, which took effect earlier this week, will be reinstated on April 2.

Trump imposed the tariffs on Canada and Mexico to combat fentanyl trafficking and lower border crossings.

While some, like Dan Greenhouse, see it as a useful tool, others, including Doug Holtz-Eakin, warn that it will burden American consumers and businesses, adding to inflation and slowing economic growth, Fox News has reported.

Canada plans retaliatory tariffs, but will wait for the full tariff order before responding.

Written by B.C. Begley