March 11, 2025
Trump announces increased tariffs on Canadian steel and aluminum
President Trump announced on Truth Social that the United States will place an additional 25% tariff, now totaling 50%, on all steel and aluminum coming into the U.S. from Canada.
Trump said the increased tariff is a result of Canada placing a 25% tariff on electricity coming in to the U.S. He also stated that he will declare a National Emergency on electricity in the affected areas.
The tariffs on steel and aluminum will go into effect the morning of March 12, 2025.
President Trump also wagered for the reduction of tariffs on U.S. dairy products imported into Canada.
Included in Trump's Truth Social post is a request for Canada to drop long time "egregious" tariffs. Trump stated if Canada fails to do so, then the U.S. will "substantially increase" tariffs on cars imported to the U.S. from Canada.
March 6, 2025
Tariffs on some Canadian and Mexican products postponed
Donald Trump signed more executive orders on March 6, 2025, that delays tariffs on some Canadian and Mexican products by nearly a month.
The tariff delay is on all products from Canada and Mexico that fall under the United States-Mexico-Canada Agreement, a free trade treaty that President Trump negotiated for during his first term.
President Trump stated in a Truth Social post that the tariffs would be delayed until April 2.
According to an AP article, Canada's retaliatory tariffs against the U.S. will stay in effect despite the postponement.
March 4, 2025
Tariffs against Canada, China and Mexico begin
U.S. tariffs against Canada, China and Mexico took effect on March 4, 2025, following President Trump's back-and-forth actions on when they would be applied.
The tariffs were originally announced on February 1. A few days later the President announced that they would be delayed for 30 days. Trump then announced in a cabinet meeting that the tariffs would be delayed until April. A day later he announced that the tariffs would take effect on March 4.
The tariffs include:
- 25% tariff on all goods imported from Canada and Mexico
- 10% tariff on Canadian energy exports including oil, natural gas and electricity
- 20% tariff on goods imported from China
A March 3 amendment made to an executive order increased the tariffs on China from 10% to 20%. The amendment attributed the raise to the Chinese government's failure to address shipments of fentanyl to the U.S.
Retaliatory measures include:
- A 25% tariff on some U.S. goods imported to Canada
- 10% to 15% tariffs on some U.S. goods imported to China including chicken, pork, soy and beef.
Economic impacts
A day before the tariffs took effect, U.S. markets dropped. According to an AP article, the S&P 500 fell 1.8%, the Nasdaq dropped 2.6% and the Dow decreased by 1.5%.
Japan's Nikkei index dropped by more than 2% and Hong Kong's Hang Seng was down by 1.5%.
