- Imposition of Tariffs: The European Union and Canada have responded to the US’s 25% tariffs on steel and aluminum by imposing their own 25% tariffs on a range of US products, with Canada’s tariffs effective from March 13, 2025, and the EU’s implemented in two phases starting April 1, 2025.
- Scope of Retaliation: The EU’s retaliatory measures target approximately $28 billion in US goods, reinstating previously suspended tariffs on items like bourbon and motorcycles, while Canada’s tariffs focus on around $29 billion worth of imports, including computers and sporting equipment.
- Business Implications: Companies engaged in international trade should assess the impact of these tariffs on their supply chains, consider mitigation strategies such as contract reviews and pricing adjustments, and stay updated on evolving trade regulations to ensure compliance and optimize costs.
Source EY
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