7 March 2025
10 February 2025
In response to the perceived “major threat” posed by migration and drugs, the US has imposed a 25 per cent tariff on all goods from Canada and Mexico.
A 10 per cent increase in levies has also been imposed on imports from China, allegedly due to China’s involvement in the supply of fentanyl into the US.
These levies will have a significant impact on industries which heavily rely upon their cross-border trade with the US and supply of critical fuels, including commodity traders and energy companies.
Canadian oil has been hit with a lower tariff rate of 10 per cent, largely as a result of Canada being the US’s preeminent supplier of crude oil.
US tariffs
What's been announced?
Canada has announced a retaliatory programme of tariffs on US imports. It will impose a 25 per cent tariff on a range of US products and consumer goods, where replacement Canadian products are readily available. Canada is also preparing for a broader tariff regime intended to target a wide range of US products.
Mexico has announced that it will impose a retaliatory regime of tariffs on US imports, but it has not yet specified the size or target of its tariffs. It is expected that these tariffs will range from 5 to 20 per cent and will target the US import of produce and materials, such as manufactured steel and aluminium.
China has also announced that it will impose a 15 percent tariff on US coal and liquefied natural gas (LNG), and a 10 percent tariff on agricultural equipment and some automobiles. This is in addition to tightening its export controls, and imposing restrictions on the supply of Chinese tungsten, ruthenium, molybdenum and ruthenium-related items.
Retaliatory tariffs
The US programme of tariffs on all three countries was set to take effect from 12:01 EST time on Tuesday 4 February 2025 as set out in the Executive Orders.
However, the US announced on Monday 3 February 2025 that it will be pausing the tariffs on Mexico and Canada for a period of one month following commitments made by both countries to protect their borders with the US.
The increase in levies on Chinese imports is now in effect as of 12:01 EST time on Tuesday 4 February 2025.
Sources indicate that China’s tariff programme on US imports is due to commence on 10 February 2025.
When will the tariffs come into effect?
There is no indication as of yet when the US tariffs of steel and aluminium imports will come into force.
China’s programme of retaliatory tariffs on US Coal and LNG, agricultural equipment and some automobiles, is now in force as of 12:01 CST on 10 February 2025.
When will the tariffs come into effect?
On Sunday 9 February, the US has further announced its plan to impose a 25 per cent tariff on all foreign steel and aluminium imports, no matter their country of origin.
US tariffs
5 March 2025
The US has announced that its programme of tariffs on Canada and Mexico (which was suspended for one month from 4 February to allow for negotiations between those countries) will now come into force.
An order has also been signed to double US tariffs on China from 10 to 20 percent, with the US citing China’s failure to take adequate steps to address the flow of fentanyl into the US as the reason for this hike.
US tariffs
US tariffs on Canada and Mexico, and the increased tariffs on Chinese imports, all came into effect at 12:01am on Tuesday 4 March 2025.
Canadian tariffs on US imports also became effective immediately (i.e., on 4 March 2025).
The 10 to 15 percent increase in Chinese tariffs on US products is set to come into force from 10 March 2025.
When will the tariffs come into effect?
China has announced additional tariffs, with an increased levy of 10 to 15 percent on a range of US agricultural and food products, in response to the increase in US tariffs on Chinese imports. An additional 15 percent tariff will be imposed on US chicken, corn and wheat; and an extra 10 percent tariff on such products as US soya beans, pork, beef, fruits and dairy imports.
China also added 10 US companies to its so-called ‘unreliable entity list’ and a further 15 US entities to an export control list, effective immediately.
Canada has responded to the announcement on US tariffs by imposing an immediate 25 percent tariff on US imports. As previously indicated, Canada has targeted such US imports as beer, wine, bourbon, dairy products, and home appliances. Canada has also indicated that if US tariffs on Canadian products remain in place after 21 days, then an additional range of US products will be subject to 25 percent tariffs.
Retaliatory tariffs
In response to the perceived “major threat” posed by migration and drugs, the US has imposed a 25 per cent tariff on all goods from Canada and Mexico.
A 10 per cent increase in levies has also been imposed on imports from China, allegedly due to China’s involvement in the supply of fentanyl into the US.
These levies will have a significant impact on industries which heavily rely upon their cross-border trade with the US and supply of critical fuels, including commodity traders and energy companies.
Canadian oil has been hit with a lower tariff rate of 10 per cent, largely as a result of Canada being the US’s preeminent supplier of crude oil.
US tariffs
The US programme of tariffs on all three countries was set to take effect from 12:01 EST time on Tuesday 4 February 2025 as set out in the Executive Orders.
However, the US announced on Monday 3 February 2025 that it will be pausing the tariffs on Mexico and Canada for a period of one month following commitments made by both countries to protect their borders with the US.
The increase in levies on Chinese imports is now in effect as of 12:01 EST time on Tuesday 4 February 2025.
Sources indicate that China’s tariff programme on US imports is due to commence on 10 February 2025.
When will the tariffs come into effect?
Canada has announced a retaliatory programme of tariffs on US imports. It will impose a 25 per cent tariff on a range of US products and consumer goods, where replacement Canadian products are readily available. Canada is also preparing for a broader tariff regime intended to target a wide range of US products.
Mexico has announced that it will impose a retaliatory regime of tariffs on US imports, but it has not yet specified the size or target of its tariffs. It is expected that these tariffs will range from 5 to 20 per cent and will target the US import of produce and materials, such as manufactured steel and aluminium.
China has also announced that it will impose a 15 percent tariff on US coal and liquefied natural gas (LNG), and a 10 percent tariff on agricultural equipment and some automobiles. This is in addition to tightening its export controls, and imposing restrictions on the supply of Chinese tungsten, ruthenium, molybdenum and ruthenium-related items.
Retaliatory tariffs
6 February 2025
6 February 2025
In response, Canada has announced a delay to its “planned second wave” of retaliatory tariffs on US products until 2 April 2025.
When will the tariffs come into effect?
Following the introduction of US tariffs on Canadian and Mexican imports which came into force on 4 March 2025, the US has now announced that it has expanded the range of goods which are currently exempt.
The suspension applies to all goods which are compliant to the US-Mexico-Canada agreement (USMCA). This means that imports such as automotive goods and potash – a key ingredient for fertiliser – are currently exempt from the impact of 25 percent tariff until 2 April 2025.
US tariffs
10 February 2025
There is no indication as of yet when the US tariffs of steel and aluminium imports will come into force.
China’s programme of retaliatory tariffs on US Coal and LNG, agricultural equipment and some automobiles, is now in force as of 12:01 CST on 10 February 2025.
When will the tariffs come into effect?
On Sunday 9 February, the US has further announced its plan to impose a 25 per cent tariff on all foreign steel and aluminium imports, no matter their country of origin.
US tariffs