Trump initially implemented 25% tariffs on Mexican and Canadian imports, along with an additional 10% tax on Chinese goods, bringing the total tariff to 20%, last Tuesday. But he soon backed off, exempting the auto industry for a month from the 25% tax and then expanded that to cover any product covered by the United States–Mexico–Canada Agreement.

President Trump has vowed tariffs on Mexico and Canada, but the U.S. has a trade deal with its North American neighbors, one that Trump crafted in his first term. So what's the point of the deal now?