President Trump has communicated he is instructing his administration to apply tariffs to goods from Canada, Mexico, and China as of February 1st, 2025. Here’s what we know right now:
- 25% Tariff on all goods from Mexico
- 25% Tariff on all goods from Canada
- 10% Tariff on all goods from China
The justification for implementing the tariffs quickly is to address the lack of progress in restricting the flow of fentanyl into the US. One of the methodologies that could be used to implement these tariffs quickly could be by using the International Emergency Economic Powers Act (IEEPA), something we eluded to during our webinar last week.
That is what has been communicated right now but there are many questions to be answered: When do these tariffs take effect? Are there any product/category exclusions? Will there be an exclusion process? And so many more. We will be heavily investigating further communications about these tariffs throughout the weekend and will provide you with updates as soon as we have them.
