Latest news, postponed some for Mexico, rumors that Canada may be too. Trudeau has to make a commitment to tighten the border though. So for now Canada starts soon.
Yes, the United States has postponed the implementation of tariffs on Mexico until March 1, 2025. This decision follows discussions between U.S. President Donald Trump and Mexican President Claudia Sheinbaum, during which Mexico agreed to deploy 10,000 National Guard members to its northern border to combat drug trafficking, particularly fentanyl.
However, tariffs on Canadian imports have not been postponed and are set to take effect on February 4, 2025. The U.S. plans to impose a 25% tariff on goods from Canada, with a lower 10% tariff specifically on Canadian energy resources.
In response, Canada has announced retaliatory tariffs of 25% on $155 billion worth of U.S. imports, to be implemented in two phases. The first phase targets $30 billion worth of American products, including alcohol, produce, household goods, and industrial materials, starting on February 4, 2025. The second phase will cover the remaining $125 billion worth of goods after 21 days.
These developments have heightened concerns about a potential trade war and its impact on global markets. Economists warn that the tariffs could hinder U.S. economic growth and raise inflation, affecting various sectors, including manufacturing and agriculture.