Mexico and Canada get tariff reprieve

Goods from the two largest US trading partners will be exempted for a month.

Daily Briefing Daily Briefing By Linda Noakes There's another twist in the tale of Trump's tariffs, EU leaders agree on a surge in defense spending, and SpaceX's Starship explodes - again. Plus, why the global coffee trade is grinding to a halt. Today's Top News   A freight truck carrying lumber crosses the border from Canada to the US. REUTERS/Brendan McDermid Tariffs and trade President Donald Trump suspended tariffs of 25% he had imposed this week on most goods from Canada and Mexico, the two largest US trading partners. Federal Reserve Correspondent Howard Schneider joins the Reuters World News podcast with insights on the impact of this latest twist in Trump's fluctuating trade policy.  The United States is planning to charge fees for docking at US ports on any ship that is part of a fleet that includes Chinese-built or Chinese-flagged vessels and will push allies to act similarly or face retaliation, a draft executive order stated. Beijing will "resolutely counter" US pressure on tariffs and the fentanyl issue, China's foreign minister said, adding that major powers "should not bully the weak", in a veiled swipe at the Trump administration. In other news European leaders backed plans to spend more on defense and continue to stand by Ukraine in a world upended by Donald Trump's reversal of US policies. Trump told his cabinet members that they, not Elon Musk, have the final say on staffing and policy at their agencies. The meeting was convened following complaints about DOGE's blunt-force approach from agency heads and top White House officials. A South Korean court cancelled impeached President Yoon Suk Yeol's arrest warrant, paving the way for his release from jail following his arrest in mid-January on insurrection charges over a brief imposition of martial law. Australia ordered thousands of people in its eastern regions to evacuate before Tropical Cyclone Alfred hits land, as the storm brought heavy rain, huge waves and strong winds that cut off power, swamped beaches and shut airports. The discovery of an unexploded bomb dating back to World War Two severely disrupted traffic to and from Paris' bustling Gare du Nord, the world's third-busiest train station. Business & Markets   Stocks in Europe and Asia slipped, with investors still edgy at the end of a week marked by confusion over US trade policy and a global rise in borrowing costs, although a steep selloff in bonds abated. The European Central Bank cut interest rates for the sixth time since June in a nod to slowing inflation and faltering growth, and kept the door ajar to more cuts. The cryptocurrency industry elite are set to meet with Trump at the White House today to discuss how the government will enact the president's vision of making the country the "crypto capital of the world." Global coffee traders and roasters say they have slashed their purchases to minimal levels, as the industry reels from a steep surge in prices that suppliers have yet to convince retail stores to accept. Walgreens Boots Alliance will be taken private by Sycamore Partners for $10 billion, closing out nearly a century of trading on public markets for the US pharmacy giant. The Week Ahead Global growth concerns have shot back onto the markets' radar as weakening US data and growing trade tensions hurt consumer confidence and business activity. Wednesday's US consumer price report could fan investor fears about still-warm inflation, while the Bank of Canada could cut rates when it meets on Wednesday. Here's all you need to know about the week ahead in world markets. Ukrainian President Volodymyr Zelenskiy will travel to Saudi Arabia on Monday for a meeting with Saudi Crown Prince Mohammed Bin Salman ahead of talks later in the week with US officials. Greenland goes to the polls on Tuesday, in an election centered primarily on the island's independence aspirations in light of Trump's interest. Large swaths of the US government would be forced to stop operating at midnight next Friday if Congress does not pass detailed spending legislation that would keep agencies running. SpaceX's Starship explodes    Debris is seen in the sky in the Bahamas. @_ericloosen_/via REUTERS SpaceX's massive Starship spacecraft exploded in space minutes after lifting off from Texas, in the second straight failure this year for Elon Musk's Mars rocket program. Fiery debris streaked through the dusk skies near south Florida and the Bahamas after Starship broke up shortly after it began to spin uncontrollably with its engines cut off. Read more Pictures of the Week Pies are judged during the British Pie Awards in Melton Mowbray. REUTERS/Temilade Adelaja A selection of some of our top photography from around the world. View gallery Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Terms & Conditions and Privacy Statement © 2025 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036