Newsletter | March 2025
TOP NEWS
As of 12:01am, March 4, 2025, tariffs of 25% are effective on products from Canada and Mexico and energy products from Canada are subject to a 10% duty. Products that are presently excluded from these tariffs include goods that are for personal use, goods entered under Chapter 98, donations that are imported under HTSUS 9903.01.21and merely information items included under HTSUS 9903.01.22. All other imported items will carry the 25% tariff and no drawback is permitted on these duties.
MORE NEWS
The upcoming deadline for steel and aluminum tariffs on March 12, 2025, is looming. If the tariffs on these metals increase as planned, it could further strain trade relations between the U.S., Canada, and Mexico. Steel and aluminum are critical components in many industries, from construction to automotive manufacturing, so a hike in tariffs could increase production costs, disrupt supply chains, and create inflationary pressures. For Canada and Mexico, which are major exporters of these metals to the U.S., the potential tariff increase could have a significant economic impact.
COMING DOWN THE PIPELINE
The early renegotiation of the USMCA, initiated by the U.S. with the publication of the "America First" policy on January 20, signals a shift in how the U.S. plans to approach the trade agreement. The U.S. is accelerating discussions and potentially aiming to adjust key aspects of the agreement in a way that aligns more closely with its domestic priorities. This puts pressure on both Mexico and Canada to not only understand the outcomes of these consultations but also to prepare their own strategies and responses in time for the formal review process slated for June 2026.
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