Ford and Lutnick are scheduled to meet again in Washington, D.C. on March 13, where they're expected to engage in discussions about renewing the USMCA.

Trump has described himself as a master dealmaker. But the retreat from his Canada and Mexico duties had all the hallmarks of trade policy being shaped on the fly.

"This is not the outcome we wanted," said Doug Ford. "We have no choice; we have to respond."

The long-promised tariffs scheduled to take effect March 4 would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports.

Many experts agree that among the most likely consequences of tariffs meant to equalize trade deficits or boosts domestic manufacturing are higher prices for consumers.

Adding FTZ or bonded warehousing capabilities can have a huge impact for 3PL providers, particularly in areas with high volumes of international trade.

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U.S.-based companies are also likely to suffer because of reciprocal tariffs imposed by America’s trading partners in retaliation, threatening profit from exports. 

Retailers are likely to oppose the action, arguing that the added costs would eventually have to be passed on to consumers.

Prices will rise, maybe wages will too. The question is whether Trump’s new tariff regime will pay off.