U.S. tariffs against Canada, China and Mexico took effect on March 4, 2025, following President Trump's back-and-forth actions on when they would be applied.
The tariffs were originally announced on February 1. A few days later the President announced that they would be delayed for 30 days. Trump then announced in a cabinet meeting that the tariffs would be delayed until April. A day later he announced that the tariffs would take effect on March 4.
The tariffs include:
- 25% tariff on all goods imported from Canada and Mexico
- 10% tariff on Canadian energy exports including oil, natural gas and electricity
- 20% tariff on goods imported from China
A March 3 amendment made to an executive order increased the tariffs on China from 10% to 20%. The amendment attributed the raise to the Chinese government's failure to address shipments of fentanyl to the U.S.
Retaliatory measures include:
- A 25% tariff on some U.S. goods imported to Canada
- 10% to 15% tariffs on some U.S. goods imported to China including chicken, pork, soy and beef.
Economic impacts
A day before the tariffs took effect, U.S. markets dropped. According to an AP article, the S&P 500 fell 1.8%, the Nasdaq dropped 2.6% and the Dow decreased by 1.5%.
Japan's Nikkei index dropped by more than 2% and Hong Kong's Hang Seng was down by 1.5%.
