On March 3, 2025, U.S. President Donald Trump announced that 25% tariffs on goods from Canada and Mexico would take effect on March 4, 2025, with reciprocal tariffs starting April 2. Trump dismissed any chance of avoiding these tariffs, even if Mexico and Canada addressed issues like fentanyl flows into the U.S. The tariffs, covering over $900 billion worth of annual imports, have raised concerns about their impact on the North American economy, which is highly integrated. Following Trump’s announcement, U.S. stocks fell sharply, and both the Mexican peso and Canadian dollar lost value. The tariffs will be enforced by U.S. Customs and Border Protection, starting at 12:01 a.m. EST on March 4. Additionally, a 10% tariff will apply to Canadian energy products. Economists and CEOs predict significant economic setbacks as a result of these tariffs, heightening fears of a potential trade war in the region.
first published: Mar 4, 2025 10:53 am
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