Good Monday afternoon. Today's newsletter, edited by Sam Baker, is 484 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.

President Trump delayed new tariffs today on both Mexico and Canada, after both countries agreed to toughen their border security.

• Both countries agreed to send 10,000 troops to their respective borders with the U.S.

The big picture: The moves are big wins for Trump, and vindicate the view that he was more interested in leverage than in actual import taxes.

Yes, but: Provoking a trade war can still do lasting damage, Axios Macro co-author Neil Irwin writes.

• Many Canadians' open hostility toward the U.S. during this saga is an example of the longer-term economic risks at play — and points to a new era in which businesses cannot count on any country to be a permanent partner of the U.S.

Between the lines: As the U.S.-China relationship has become more hostile over the past decade, Western companies have looked for ways to decrease dependence on China.

• A frequent solution was "friendshoring" — shifting supply chains toward countries with deep, stable relationships with the U.S., like Canada and Mexico.