On March 4, President Trump’s 25% tariffs went into effect for goods produced in Canada and Mexico. Trump also doubled the tariff on products from China to 20% (on top of other existing tariffs). Canada and China retaliated by announcing their own tariffs on American imports. Canadian Prime Minister Justin Trudeau said he’ll immediately enact a 25% tariff on $20.7 billion of U.S. goods, followed by an additional $86.2 billion in 21 days. China enacted 15% tariffs on chicken, wheat, corn and cotton imports from the U.S. It also enacted a 10% tariff on goods including soybeans, pork, beef, fruits, vegetables and dairy products. Mexico plans to announce retaliatory tariffs soon. Stay tuned.
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