After President Donald Trump’s previous request for tariffs against imports from Canada and Mexico was delayed for a month, there have been frantic updates on tariff orders from Washington for another week.
Trump declared in February that goods from Canada and Mexico, two of his closest trading partners, would be subject to a 25% levy. He postponed their commencement for a month after speaking with their respective presidents, who pledged to provide additional assistance with border security. But since then, China has imposed 10% duties.
However, the 30-day grace period expired, and the tariffs became effective just after midnight on Tuesday. Canada slapped retaliatory tariffs, stock markets fell, and Trump gradually reversed parts of the restrictions during the week.
Economists generally concur that tariffs, which are basically levies on imports, cause the cost to be passed on to consumers and slow down the economy.
As of Friday, the tariffs on China, Mexico, and Canada are as follows:
Import duties from Canada and Mexico are reduced for another month.
Trump declared on Monday that the 25% tariffs on Canadian and Mexican imports would take effect on Tuesday morning.
Trump declared on Monday that there was no space left for Canada or Mexico. “The tariffs have been finalized. Tomorrow, they will come into force.
However, Canada imposed immediate retaliatory tariffs, and the leader of Ontario threatened to stop exporting electricity to three U.S. states if the tariffs continued.
Thursday, Trump announced that a subset of goods covered in the United States-Mexico-Canada Agreement would not face new tariffs for at least another month. That exemption applies to about 38% of imports from Canada and 50% from Mexico. Canadian energy and a fertilizer ingredient potash will face a lower rate of 10%.
While speaking in the Oval Office Friday, Trump threatened reciprocal tariffs on lumber and dairy imports from Canada, saying they could be ordered as early as Friday, Monday or Tuesday, according to Reuters.
Automotive imports also have an exemption for another month
Following heavy opposition from General Motors, Ford, and Stellantis, the White House declared on Wednesday that autos will not be subject to the recently imposed tariffs.
According to White House press secretary Karoline Leavitt, the tariffs and those excluded by the other exemptions will take effect on April 2.
China still faces high tariffs
Trump declared earlier this week that the 10% tariffs he had placed on Chinese goods, which had been in place since February, would be doubled to 20%.
He has maintained that the purpose of the tariffs is to use force to persuade China to assist in the importation of illicit substances like fentanyl into the United States.
According to Reuters, China’s commerce secretary pleaded with the United States to halt the duties on Friday.
According to a ministry spokeswoman who spoke to Reuters, “the U.S. imposition of 20% tariffs on Chinese products on the basis of fentanyl is groundless and a typical act of protectionism, unilateralism, and bullying.” The government also stated that the United States should cease “shifting blame” for the fentanyl problem.