On March 4, tariffs were implemented on imports from Canada, Mexico, China and Hong Kong.
Just two days later, President Donald Trump scaled back tariffs on Canada and Mexico. Products that were not included under the U.S.-Mexico-Canada Agreement signed under Trump’s first term will still face 25% tariffs, but tariffs on potash and Canadian energy products were reduced to 10%. The 10% increase to 20% tariffs on goods imported from China and Hong Kong remains in place, resulting in a 15% tariff on American ag products in retaliation.
On March 12, Trump also increased tariffs on all steel and aluminum imports to 25%, removing exemptions from his 2018 tariffs and increasing the tariffs on aluminum from 10%. The European Union retaliated with new duties on $28 billion worth of American goods, including ag products, textiles and home appliances.
