Tariff Shifts: What’s Happening with Mexico, Canada, and China?
On Saturday, February 1st, President Trump signed Executive Orders imposing new tariffs on imports from the United States’ top three trading partners: Canada, Mexico, and China. However, the situation has evolved, and not all of those tariffs will go into effect as initially planned. Here’s an update on the tariffs each country is facing and the latest developments:
Mexico: On February 1st, it was announced that a 25% tariff would be applied to Mexican imports, with implementation set for Tuesday, February 4th. However, on February 3rd, that tariff was paused for 30 days following an agreement between President Trump and Mexican President Claudia Sheinbaum to deploy additional troops to the U.S.-Mexico border, according to CNBC.
Canada: Similarly to Mexico, Canada was also expected to face a 25% tariff on imports starting February 4th, with the exception of energy resources, which would be subject to a 10% tariff. But as of February 3rd, this tariff was also paused for 30 days after discussions between President Trump and Canadian Prime Minister Justin Trudeau.
China: As of today (February 4th), an additional 10% tariff on Chinese imports will take place. In response, China has announced retaliatory tariffs on certain U.S. imports, but reports say those would take effect on February 10th.
This remains a fluid and ever-changing situation. Have questions or concerns? Our team is here for you. Click the button to contact us today.
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