Golden Finance reported that Scotiabank economist Derek Holt said that so far, U.S. President Trump's 25% tariff on Canada and Mexico has caused relatively moderate financial market sell-offs. The reasons include traders have digested the tariff risks, at least Canada’s retaliatory response is less than the tariff measures taken by the United States, and it is unclear how long Trump will maintain the tariffs. Holt believes Trump imposed tariffs before he spoke to members of Congress on Tuesday night local time to show progress in trade. He added that given Trump's close attention to stock market performance, traders may think that a worsening risk appetite could prompt Trump to change his stance.