In a Rose Garden announcement last Wednesday, President Donald Trump announced a 10% across-the-board tariff on most countries and much higher reciprocal tariffs on specific countries, the highest tariffs in a century. The tariffs were larger than expected by Wall Street, leading to a $6.6 trillion drop in stock values.

Canada and Mexico were not targeted for any new tariffs. Canada supplies approximately 85% of softwood lumber imports for the U.S., and Mexico is a major source of gypsum, a major component for construction costs. However, questions remain over the Trump Administration’s commitment to negotiating with other countries to lower tariff barriers and concern with the long-term impact on the broader economy.

In several appearances on public affairs shows over the weekend, U.S. Commerce Secretary Howard Lutnick and White House Trade Advisor Peter Navarro reiterated Trump’s commitment to maintaining tariffs as a means of fostering domestic manufacturing.