The White House is eyeing an end to the de minimis import rule. "U.S. consumers could face larger consequences than meet the eye," the New York Fed wrote.

In his third new tariff probe in a week, Trump signed a memo ordering Commerce Secretary Howard Lutnick to initiate a national security investigation into U.S. lumber imports under Section 232 of the Trade Expansion Act of 1962.

Mexico is willing to raise tariffs on Chinese goods and find ways to buy more from the US in a bid to avoid duties threatened by President Donald Trump, according to people familiar with the matter.

U.S. President Donald Trump on Saturday ordered a new trade investigation that could heap more tariffs on imported lumber, adding to existing duties on Canadian softwood lumber and 25 per cent tariffs on all Canadian and Mexican goods due next week.

U.S. President Donald Trump has launched a new trade investigation that could lead to additional tariffs on imported lumber, further escalating tensions with Canada. On Saturday, Trump directed Commerce Secretary