Many trade changes that took place overnight!

Effective March 4, 2025, the United States has implemented significant tariffs affecting imports from Canada, Mexico, and China:​

  • For Canada and Mexico, a 25% tariff has been imposed on most imports. Canadian energy products, including oil and natural gas, are subject to a 10% tariff.
  • The de minimis exemption (which allows U.S. imports under $800 to enter duty-free) will temporarily remain in place for goods from Canada and Mexico.
  • The exemption will end only when the Commerce Secretary confirms that tariff revenue collection systems are ready.
  • For China, the existing tariffs implemented on February 4th have been increased from 10% to 20% on all products, with exclusions for donations, informational material, products for personal use, and Chapter 98.

In retaliation to the U.S. tariffs:​

  • Canada announced 25% tariffs on U.S. goods totaling approximately $155 billion CAD. ​
  • China announced plans to impose reciprocal tariffs on key U.S. agricultural products, including chicken, pork, soy, and beef, effective March 10.
  • Mexico just announced that it would announce tariffs on U.S. products on Sunday, March 9.

The U.S. administration is reportedly drafting plans to ease sanctions on Russia to improve diplomatic relations and address the ongoing conflict in Ukraine.  This move has raised concerns among European allies, who emphasize the importance of continued support for Ukraine.

For the latest tariff news, be sure to check out our Trump’s Trade Tariff Updates page.

As always, Shapiro will continue to monitor updates and share any developments. If you have any questions, please don’t hesitate to Contact Us.