President Donald Trump is expected to outline his trade policy for his second term in an executive action Monday. But that action – described by sources as a “placeholder” – won’t institute new global tariffs that Trump has promised would raise trillions of dollars.

Canadian leaders expressed relief that sweeping tariffs were not applied to Canadian products on the first day of Donald Trump’s presidency and that he did not mention America’s major trading partner during his inaugural speech.

President Donald Trump will issue a broad trade memo on Monday that stops short of imposing new tariffs on his first day in office but directs federal agencies to evaluate U.S. trade relationships with China,