Domestic Market Updates –
Diesel update: The average price of diesel decreased again, this time by 3.3 cents a gallon. Putting the average price of diesel at $3.549, per the U.S. EIA.
Tariffs:
Canada and Mexico: President Trump has delayed the 25% tariffs on imports (including automotive products) from Mexico and Canada until April 2nd, per Executive Orders.
During this one-month delay, importers will not be required to pay tariffs on imports from either Mexico and/or Canada, that adhere to the U.S. – Mexico – Canada Agreement. Per NBC News, that’s about 50% from Mexico and 38% of goods from Canada.
Steel/Aluminum: New tariffs on steel and aluminum went into effect March 12th at 12:01am EST.
Cross-Border Trade: In January, U.S. trade with Mexico and Canada saw growth. Per U.S. Census Bureau data, Mexico took the top spot as a U.S. trade partner, seeing total trade hit $69.6 billion. Canada followed closely by with total trade hitting $64.8 billion.
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