Comments from the White House and Navarro indicated that Canada hasn’t done enough to avoid tariffs. Then again, the actions from Mexico indicate that a token move shuffling troops around is enough to stave off tariffs, at least for a month.
Canada would also be wise (if possible) to time tariffs and retaliation alongside Mexico, which would magnify the impact on the US.
You can see from the market reaction since earlier today that there is an expectation of good news. It’s a moment to be watching the wires very carefully as the movements in USD/CAD are likely to be large.