President Donald Trump signed three executive orders on Feb. 1 that set new tariffs on trade partners.
The order enforced new tariffs on foreign imports in Mexico, China, and Canada. The tariffs will apply a 25% tax rate import on Canada and Mexico and 10% for China. It will cover all items used for consumption.
The tariff’s original effect date for all 3 countries was February 4, but on the day before the order, February 3, Trump agreed to delay the Mexico and Canada tariffs on general goods by a month on March 6, 2025, while tariffs on auto parts were extended to April 2.
The launch date for China’s tariffs stayed the same, however.
According to the executive order, it was reported that the removal dates on the tariffs were “indefinite.” There is also a risk for the tariffs to rise if the countries (Canada, Mexico, and China) retaliate/tax back.
The Canadian government has stated that they would inflict a tariff of their own if the U.S. would place the tariffs.
It was specified that it would be 25% of the bought item’s price, and would be on a $30 billion’s worth of goods from the U.S. In addition, the tariff would extend to $125 billion in 21 days.