Staying Up-to-Date: What You Need to Know
Since the initial US tariff announcement in early 2025, the situation has quickly evolved. Here is a brief timeline highlighting significant developments and events that have contributed to the tariff landscape we see today:
- January 20, 2025: US President Donald Trump is sworn in and announces plans to impose 25% tariffs on Canada and Mexico starting on February 1, 2025.
- February 1, 2025: The US announces 25% tariffs on Canada and Mexico to come into effect February 4, citing a national emergency of border security and drug trafficking.
- February 3, 2025: A 30-day pause is announced on the Canada and Mexico tariffs.
- February 10, 2025: US increases tariffs on all steel and aluminum imports to 25%, removing previous steel exemptions.
- February 13, 2025: US announces "reciprocal" plan to match tariffs charged by other countries.
- March 4, 2025: 25% US tariffs on Canadian and Mexican imports come into effect. Canada announces $100B worth of retaliatory tariffs in response.
- March 5-6, 2025: Exemptions announced for auto makers
- March 20, 2025: China announces tariffs on Canada, including 100% on canola oil, canola meal, and pea products, and 25% of seafood and pork.
- April 2, 2025: The US announces a baseline tariff of 10% on all imports, but exempts Canada. However, new tariffs on automobiles as well as previously announced tariffs remain in place
- April 3, 2025: Government of Canada announces countermeasures