Tarriffs: Canada, Mexico, China

Tariff Update

TARIFF DAY: Today is the day. The U.S. is moving forward with enacting tariffs against Canada, Mexico and China effective 12:01am March 4th 2025. This is the next chapter in trade conflict with the U.S.’s top three trading partners, on trade estimated at more than $2.2 trillion.

Canada + China: 25% Flat

China: 20% Flat

Recipient countries have vowed to retaliate with tariffs of their own, which we expect to hear more on as the week unfolds. President Trump stated yesterday evening that the countries have not done enough to curb the entry of Fentanyl into the U.S. and that the administration will go ahead with tariffs.

Canadian Prime Minister Justin Trudeau plans to respond immediately with 25% tariffs on approximately $20.7 billion of U.S. imports, plus an additional tariff on $86.2 billion if U.S. tariffs are still in place in 21 days.

China has countered with duty of 10% - 15% on many U.S. agricultural products.

Mexico is expected to announce soon.