Trump’s 25% duty tariffs against Canada and Mexico came into effect 5am GMT Tuesday, along with an additional 10% levy on Chinese imports.
Trump signed executive orders for the United State’s nearest neighbours on 4th February and then postponed them for 30 days, before saying yesterday “No room left for Mexico or for Canada. The tariffs, you know, they’re all set. They go into effect tomorrow.”
According to a government social media post, Trump has also signed an executive order to add a further 10% increase on Chinese import tariffs, which takes the hike introduced last month to 20%.
According to unconfirmed reports, products shipped from the US to China that depart before 10 March and arrive before 12 April may not be subject to the additional tariffs.
In retaliation, Canada vowed that it would be imposing 25% tariffs against US goods when Trump’s tariffs kick in, and China swiftly confirmed counter measures, which include 10-15% tariffs on US agricultural goods and adding US aviation firms an unreliable entity list and imposing export controls.
Mexico’s President is expected to speak later today, but has previously stated that her country has made contingency plans.
The team at Killick Martin continue to monitor developments. Should you require further information, then please do not hesitate to contact us.
** 7 Mar UPDATE – Trump pauses Mexico & Canada tariffs on certain products until 2 April **
