President Donald Trump on Wednesday announced sweeping tariffs on imports of goods from around the globe.Two countries, Canada and Mexico, were notably spared from the latest round of tariffs.But the two neighboring nations are still subject to preexisting 25% tariffs.

Mexico and Canada avoided fresh tariffs on Wednesday with President Donald Trump exempting the United States' top trading partners from his new 10% global tariff baseline, although previous duties remain in place.

The Donald Trump administration announced on Wednesday that Canada and Mexico will be exempt from the baseline 10 per cent tariff rate, as well as reciprocal levies for specific countries, for now. The 10 per cent tariff will only take effect when the original 25 per cent duties Trump imposed on Canadian and Mexican imports are either terminated