Tariffs on Canada and Mexico Go Into Effect at Midnight, Trump Says

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 3 March 2025

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Mar. 3. The president says there is “no room left” to negotiate the tariffs before they take effect at midnight. WSJ reporter Vipal Monga tells us how the new levies will affect the tightly integrated North American automotive supply chain. Plus, asset-backed securities caused the 2008 financial crisis; now, they are back. Journal deputy markets editor Justin Baer discusses what is different about them this time around. And do you think you can name the world’s biggest fast food chain? The answer might surprise you. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello Blue Skies. Hello moving onwards and upwards. Hello, taking control of your money. Say hello to tax-free investing. Open a Stocks and Shares ICER and act by the 5th of April to get 100 to 3,000 pounds cashback. Cargreaves lands down. Hello Life. Register and add or transfer 10,000 pounds plus.
0:23.6	You may get back less than you invests and tax benefits vary.
0:26.6	For terms and conditions, see hl.co.
0:28.6	UK 4.slash ASSA.
0:31.6	Asset-backed securities crashed the economy in 2008.
0:36.6	Now, they're back. Plus, President Trump's
0:39.8	tariffs against Canada and Mexico are expected to go into effect tonight. That's not good news
0:45.3	for the auto industry. The integration of the supply chain is something that has taken decades
0:50.3	that won't be very easy to unwind. Be easy to destroy, but to recreate and unwind is a really hard task.
0:57.4	And properties damaged by the recent fires in Los Angeles are in demand.
1:02.3	It's Monday, March 3rd.
1:04.0	I'm Alex Osala for the Wall Street Journal.
1:06.2	This is the PM edition of What's News, the top headlines and business stories that move the world today.
1:16.3	President Trump's 25% tariffs on goods from Canada and Mexico are set to go into effect tonight at midnight.
1:23.4	Trump said today that his administration will go ahead with them, saying there is, quote, no room left for negotiations with the U.S.'s continental neighbors.
1:32.0	One industry that would be hit particularly hard by these tariffs, the auto industry.
1:36.7	My colleague Anthony Bansy spoke with WSJ reporter VPELManga about how the tariffs would add
1:42.4	cost to the deeply integrated North American automotive supply chain. We've been reporting a lot about how the tariffs would add cost to the deeply integrated North American automotive supply chain.
1:46.5	We've been reporting a lot about how tightly integrated the automotive supply chain is across
1:52.0	North America. It's Canada, the U.S., and then Mexico. You cannot make an automobile in North
1:58.5	America without parts touching all three of those countries.
2:03.8	So, for example, to make a transmission, what you have to do is send parts from Ontario
	...

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