US Imposes 25% Tariffs on Imported Products From Canada and Mexico and 10% Tariff on China
Trump launches trade war with tariffs on Mexico, Canada and China
On Saturday, US President Donald Trump announced that he is imposing tariffs on imports from Canada, Mexico, and China, citing a national emergency over fentanyl and illegal immigration, Reuters reported (2-1-25). The new tariffs take effect on Tuesday, February 4.
The tariffs include a 25% duty on Canadian and Mexican imports and a 10% duty on Chinese goods (in addition to current tariffs). However, Canadian energy products will face a reduced 10% tariff, while Mexican energy imports will be subject to the full 25% duty.
A White House fact sheet stated that the tariffs would remain in place “until the crisis alleviated,” but did not specify what actions the three countries must take for a reprieve.
According to Trump’s written order, tariff collections will begin at 12:01 AM EST on Tuesday, February 4. However, goods already in transit before 12:01 AM EST on Saturday, February 1 will be exempt.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.