Trump in tariff tit-for-tat with China; duties on Canada, Mexico paused for one month

US President Donald Trump is aiming to reshape the country’s trade policy using one of his preferred economic tools: tariffs. Over the weekend, Trump announced tariffs to take effect beginning on Tuesday — 25% on imports from Canada and Mexico, and 10% on imports from China. Subsequent conversations with the leaders of both Mexico and Canada yielded apparent progress: Trump delayed tariffs on both countries by one month. Duties on China went into effect Tuesday, and China retaliated — though Trump is planning to soon speak with Chinese President Xi Jinping, leaving hope for a potential compromise. The trade posturing…