About this work
A temporary tariff reprieve does not remove the economic costs of uncertainty. Following the February 2025 delay of US measures against Canada and Mexico, this analysis examines disruption in autos, agriculture and energy. Currency depreciation could complicate the trade balance response, while inflation risks create difficult choices for the Federal Reserve and its Canadian and Mexican counterparts.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Global Macro Views: Trump’s Tariff Wildcard Shakes Up Markets. Institute of International Finance.