On February 1st, President Trump signed Executive Orders imposing 25% tariffs on all goods from Canada and Mexico with the exception of Canadian oil imports, which will be subject to a 10% tariff. Additionally, the President signed an Executive Order imposing a 10% tariff on goods from China. These tariffs are in addition to any other tariffs currently imposed on imports from Canada, Mexico, or China. The tariffs are set to go into effect at 12:01 am Tuesday, February 4th.
As of now, it is unclear how these tariffs will impact goods imported under the United States-Mexico-Canada Agreement (“USMCA”) or whether Canada, Mexico, or China will impose retaliatory tariffs or other measures on US goods in response.
The Husch Blackwell International Trade Team is continuing to monitor these developments and will be providing additional analysis on this topic.