Tax

The president exempted Mexican and Canadian goods covered by the North American trade agreement from his 25% tariffs, offering reprieves to America's two largest trading partners.

Commerce Secretary Howard Lutnick said the president is likely to defer his 25% tariffs on Canada and Mexico for all goods and services covered by the North American trade agreement.

As steep tariffs on Canadian goods took effect this week, banks on both sides of the border expressed concern about the economic fallout and the uncertainty their customers face.

Many layoffs so far have been in the Small Business/Self-Employed Division, but the Large Business & International Division has also been affected.

President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, according to Commerce Secretary Howard Lutnick.

Senate GOP leaders also aim to make the TCJA tax cuts permanent, which would raise the costs of tax reform unless a new scoring method is adopted.

A study sponsored by America's Credit Unions finds that removing credit unions' tax-exempt status could raise consumer costs by $234.6 billion over 10 years, hurt GDP and result in job losses.

Canada's largest bank is bracing for the impact of a threatened U.S. 25% tariff on imports from north of the border. But the cloudy 2025 outlook was offset by strong results last quarter.

President Donald Trump's 25% tariffs on Canada and Mexico are on track to go into place on Tuesday and he plans to impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation's largest trading partners.

The third-largest Canadian bank by assets is preparing itself and clients for the Trump administration's proposed 25% tariffs on Canada and Mexico.