Domestic Market Updates –
Canada: Per an Executive Order issued by President Trump, a 25% tariff on nearly all imports from Canada to the U.S. went into effect at midnight March 4th. Except for energy, which faces a 10% tariff.
In response, Canada has issued 25% retaliatory tariffs on $107 billion U.S. dollars of imports from the U.S. to Canada, per a statement from the Canadian Prime Minister. Some of those Canadian retaliatory tariffs start now (on about USD $21 billion worth of goods), while the remaining will take place over the next three weeks.
Mexico: Per an Executive Order, 25% tariffs on nearly all imports from Mexico to the U.S., went into effect March 4th. In response, Mexico’s President, Claudia Sheinbaum said she will announced retaliatory tariffs and specific details of those, this Sunday, March 9th – per AP News.
China: There is now a total of 20% tariffs on imports from China to the U.S. The first 10% was added in early February, now this additional 10% went into effect on March 4th, per an executive order. In response, China has announced up to 15% retaliatory tariffs on some U.S. goods, with an effective date of March 10th, per CNBC.
This is a fluid situation and things can change. We will continue to stay up to date on this and provide new updates when applicable. If you have any questions/concerns, please contact us.
Diesel update: The average price of diesel decreased 6.2 cents a gallon. Putting the average price of diesel at $3.635, per the U.S. EIA.
Infrastructure: A section of Interstate 40, that runs through the border of Tennessee and North Carolina border, officially reopened to traffic on March 1st – per the NC Department of Transportation. It will only be opened to one lane in both directions, and as the NCDOT notes, travelers should expect some traffic delays.
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