FEBRUARY 3RD, 2024
NEW U.S. Tariffs on Mexico, Canada, and China
On February 1, 2025 President Trump announced significant trade tariffs against the U.S three largest trading partners Canada, Mexico, and China through Executive Orders. While additional details are expected to be refined in the coming days here are some Key Developments:
What We Know…
U.S. Tariffs (Effective Feb 4, 2025)
- Canada: 25% tariff on all imports (except Canadian energy, which faces 10%)
- China: 10% additional tariff on all imports
- Exemptions: Cargo loaded before Feb 1st is not subject to tariffs.
- De Minimis Rule: Abolished for Canada (unclear for Mexico & China)
- Mexico: Potential 25% tariff on hold – Deal struck between President Trump & Mexico’s President Claudia Sheinbaum:
- Hold on new Tariffs for one month while negotiations continue regarding other topics such as Drug & Weapons trafficking continue.
Trade Retaliations:
Canada:
- 25% tariffs on $30B in U.S. goods starting Feb 4th.
- Expands to $155B in U.S. goods after 3 weeks.
- Targets: Alcohol, produce, clothing, shoes, appliances, furniture, lumber, and more…
Mexico:
- Potential tariff & non-tariff retaliatory measures, but details pending.
China:
- Filing a case with the World Trade Organization (WTO)
- Promises “corresponding countermeasures”
President Trump’s executive orders allow for further tariff increases if Canada, Mexico, or China retaliate.
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