President Donald Trump is defending his decision to pause some tariffs to Canada and Mexico for another month -- a notable reversal after imposing historic levies on the key U.S. trading partners earlier this week, causing markets to tumble.
On Friday, Trump signed more executive orders at the White House before he convened a first-ever cryptocurrency summit with industry leaders.
Kremlin lauds Trump's move to pause Ukraine military aid
Moscow on Tuesday voiced approval for President Donald Trump’s decision to "pause" military aid to Ukraine.
"I’ve yet to learn the details, but if it corresponds to reality, this is a decision that may indeed encourage the Kyiv regime to the peace process," Dmitry Peskov, Kremlin spokesperson, told reporters. "If the U.S. suspends these supplies, it will probably be the best contribution to peace."
Within minutes of the new U.S. tariffs taking effect, China unveiled on Tuesday its initial response by placing additional 10% to 15% tariffs on imported U.S. goods, like chicken, wheat, soybeans and beef.
Those duties will be on top of similar tariffs imposed back during the first Trump administration’s trade war in 2018. Some of those tariffs are already at 25%, though Beijing issued some waivers as a result of the 2020 "phase one" trade deal.
The new tariffs are set to come into effect for goods shipped out next Monday, March 10.
Workers sit in front of steel products at a steel market in southwestern China's Chongqing municipality on March 2, 2025.
Stringer/AFP via Getty Images
Even though U.S. farmers are likely to feel the pinch, the Chinese response is being characterized as muted and contained compared to the breadth of Trump's sweeping tariffs on all Chinese goods. In the years since the first Trump administration, China has moved to diversify its imports, reducing its dependence on U.S. agricultural goods.
China also on Tuesday added 10 U.S. companies on their version of the Entity List, ostensibly for their activities in Taiwan. The companies appear to be mostly defense and intelligence related so they're unlikely to have to much of a footprint inside Mainland China.
China's President Xi Jinping arrives for the opening ceremony of the Chinese People's Political Consultative Conference at the Great Hall of the People in Beijing on March 4, 2025.
Adek Berry/AFP via Getty Images
Tuesday’s actions, however, may not be the end of Beijing’s retaliation.
China's once-a-year weeklong parliamentary session, the National People's Congress, opens Wednesday and is expected to roll out the country's economic plan for the year, including ways to safeguard its economy.
-ABC News’ Karson Yiu
Mar 04, 2025, 1:46 AM EST
US tariffs on Mexico, Canada take effect Tuesday
President Donald Trump's broad tariffs on imported goods from Mexico and Canada went into effect on Tuesday, along with increased duties on goods from China, according to the White House.
President Donald Trump speaks in the Roosevelt Room of the White House in Washington, DC, on March 3, 2025.
Roberto Schmidt/AFP via Getty Images
"President Trump continues to demonstrate his commitment to ensuring U.S. trade policy serves the national interest," the White House said in a statement.
Goods entering the U.S. from Mexico and Canada will carry a 25% tariff, while those from China will be subject to a 10% increase on existing tariffs, according to the White House.
Vance indicates potential for US to resume negotiations with Ukraine
Vice President JD Vance hinted during an interview on Fox News' "Hannity" on Monday that there is still a chance to resume negotiations between the United States and Ukraine. He also said that President Donald Trump's administration is "already working" on a peace plan with the Russians.
Vance was asked if the administration would welcome Zelenskyy back if he were willing to come back to the negotiating table. Vance said yes -- if Zelenskyy was willing to seriously engage.
Vice President JD Vance speaks while attending a meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskyy in the Oval Office of the White House in Washington, Feb. 28, 2025.
Andrew Harnik/Getty Images
"I think that if he called and had a serious proposal for how he was going to engage in the process -- look, there are details that really matter, that we're already working on with the Russians," Vance said. "We've already talked to some of our allies. He needs to engage seriously on the details. I think once that happens, then absolutely, we want to talk."
The vice president implied that further engagement would require a consideration of the raw minerals deal that the U.S. was pursuing with Ukraine, claiming that it came with "real security guarantees."
"The security guarantee, and also the economic guarantee for Ukraine, is to rebuild the country and ensure that America has a long-term interest," Vance said, describing the minerals deal as America's "economic upside in the future of Ukraine."
