- Announcement of Additional Tariffs: On February 1, 2025, President Trump announced additional tariffs of 25% on imports from Canada and Mexico and 10% on imports from China, citing a national emergency related to illegal immigration and drug trafficking.
- Delays in Implementation: Tariffs on Mexican goods and Canadian goods have been postponed for one month following discussions between President Trump and leaders from Mexico and Canada.
- Retaliatory Measures and Responses: Canada announced retaliatory tariffs, while China condemned the tariffs and considered filing a lawsuit with the WTO; both countries remain open to negotiations.
Source EY
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