- Executive Orders Signed: President Trump signed orders imposing 25% tariffs on Canada and Mexico, effective February 4, 2025, citing issues with illicit drugs.
- Details of Tariffs
- Canada: 25% tariffs on imports, 10% on energy resources; no duty-free de minimis or drawback available.
- Mexico: Similar 25% tariffs and conditions as Canada, including potential increases if retaliation occurs.
- Future Tariff Plans
- Additional tariffs on certain foreign rivals and potential tariffs on the EU, semiconductor chips, oil, gas, and steel expected soon.
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