Report on the current situation of tariffs that the United States government, under Donald Trump’s administration, has announced in the past month.
1. General tariffs on imports from Mexico, Canada and China.
On February 1, 2025, Donald Trump signed three executive orders through which the U.S. government will impose additional tariffs on imports of goods originated from Mexico, Canada, and China, as follows:
- General tariff of 25% on all Mexican originated goods.
- General tariff of 25% on all Canadian originated goods, except for goods in the energy sector, whose tariff will be 10%.
- General tariff of 10% on all China originated goods.
The general tariff announced on Mexico and Canada was suspended for one month (until March 4, 2025), as a result of negotiations between the governments on migration and the fight against fentanyl.
The general tariff announced to China was imposed on February 4, 2025.
2. Tariff of 25% of steel and aluminum imports.
On February 10, 2025, the reinstatement of a 25% tariff on all steel imports and an increase in aluminum tariffs from 10% to 25% was announced under Section 232, alleging national security issues.
These duties will be applicable as of March 12, 2025.
3. New reciprocal tariffs on countries that tax U.S. products.
On February 13, 2025, a memorandum was signed to impose "reciprocal tariffs" on countries that tax goods of U.S. origin, with the aim of matching the tariffs that those nations apply to U.S. exports.
The memorandum orders the review of:
- Tariffs and non-tariff barriers, such as subsidies or technical commercial barriers;
- Value Added Tax and other taxes;
- Policies that block U.S. competitiveness in foreign markets, such as distorting exchange rates, and
- Any other practices or structural impediments that the U.S. Trade Representative deems impose unfair limitations on access to foreign markets or block fair competition.
The investigations are ongoing and will be determined on April 1.
We consider that some of these measures are unlikely to be imposed or temporary, but it is necessary to be prepared and evaluate the options of each company.
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