President Trump scaled back on the global trade war on Friday, lifting tariffs on metal imports from Canada and Mexico and delaying for six months a decision to impose tariffs on automobiles from Europe, Japan, and other countries. Canada and Mexico reportedly agreed to remove all retaliatory tariffs on U.S. goods, in turn. Trump had previously described the metal tariffs as a source of leverage during negotiations for a new free trade agreement to replace NAFTA, but a bipartisan refusal to sign off on such a deal until the tariffs were lifted reportedly swayed Trump. As for the auto tariffs, Trump will once again decide whether to implement them in November as he seeks new agreements with the European Union and Japan.

Scroll for 5 things you
need to know now