President Donald Trump threatened to double Section 232 tariffs on Canadian steel and aluminum to 50%, starting March 12, after Ontario placed a 25% surcharge on electricity exported to Michigan, Minnesota and New York. However, Ontario Premier Rob Ford later dropped the surcharge, and Trump told White House reporters he "probably" would not follow through with the threat as a result.
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President Donald Trump said on social media he is "strongly considering large-scale" sanctions and tariffs on Russia "until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED."
President Trump posted on social media: "After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement. This Agreement is until April 2nd. I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl. Thank you to President Sheinbaum for your hard work and cooperation!"
President Donald Trump is excluding Canadian and Mexican exports from 10% or 25% duties that began March 4, as long as those goods can qualify for USMCA benefits. The change starts at 12:01 a.m. March 7.
President Donald Trump posted on social media March 5 that his call with Canadian Prime Minister Justin Trudeau "ended in a 'somewhat' friendly manner," but that he told him that a reduction in fentanyl smuggling from Canada to the U.S. is not good enough.
President Donald Trump posted on social media on March 3, "To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!"
Going from zero tariffs on most Canadian and Mexican imports to 25% convulsed Capitol Hill and foreign capitals, with some Republicans diverging from the president's protectionist message and Democrats universally using the action to attack Trump as the reason prices will go up.
The trade community is closely watching whether plans by the Department of Government Efficiency to drastically cut the federal workforce will have any impact on trade operations, judging by recent social media posts.
President Donald Trump signed an executive order Feb. 10 that will hike tariffs on imported aluminum to 25%, ends quota arrangements with the EU, South Korea and Brazil in steel and aluminum, and curtails both product exclusions and the exemptions for Canada and Mexico.
After President Donald Trump announced his sweeping tariff action on China under the International Emergency Economic Powers Act, as well as now-delayed IEEPA tariffs on Mexico and Canada, trade lawyers told us to expect the duties to be challenged in court. Matt Nicely, lead counsel in the ongoing case against tariffs imposed on China during Trump's first administration, said in an email that a legal challenge is coming, a sentiment echoed across the trade bar.