According to online reports, Derek Holt, an economist at Scotiabank, said that so far, the sell-off in financial markets caused by U.S. President Trump's 25% tariff on Canada and Mexico has been relatively mild. The reasons include traders having already absorbed the risk of tariffs, at least Canada's retaliatory response was not as good as the tariff measures taken by the United States, and it is unclear how long Trump will maintain the tariffs. Holt believes Trump imposed the tariffs before addressing members of Congress on Tuesday night local time to show progress on trade. He added that given Trump's close focus on stock market performance, traders may believe that worsening risk appetite may prompt Trump to change his stance.