In January and February, the President of the United States announced a series of tariffs on imports from several countries. In response, these countries prepared counter-tariff measures and even extended non-tariff barriers with the intention of suspending the tariff to be implemented by the US.
Given the above, this microsite has been created to provide the latest insights regarding this year's tariff measures on trade. Forvis Mazars has an expert team capable of assessing the potential impact of these tariffs on imports to the US, as well as the retaliatory measures to be imposed by each involved country. If you need support conducting an analysis on specific products or cases, please reach out to the corresponding Forvis Mazars expert.
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 In response to the U.S. tariffs on steel and aluminum products, Canada has announced that it will impose 25% tariffs on steel products worth $12.6 billion, aluminum products worth $3 billion and other imported U.S. goods valued at $14.2 billion, totaling of $29.8 billion. A full list of the affected goods can be found on the Canadian government website. Click here for detailed information |
 Following the partial suspension of U.S. tariffs, the implementation of the second phase, covering $125 billion worth of U.S. products, has been postponed until April 2, 2025. If you wish to consult the list of products covered by the second phase of tariffs or provide feedback to the Canadian government, click here |
In response to U.S. tariffs on Canadian products, Ontario has announced that it will impose a 25% surtax on electricity exports to the United States. This surtax will impact 1.5 million homes and businesses in the states of Michigan, Minnesota, and New York. The cost could reach up to $400,000 per day as long as it remains in effect. Click here for detailed information. |
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An additional 20% tariff on Chinese imports into the US across all sectors (rising 10% in February 2025 and 10% in March 2025). |
A 25% tariff on imports of steel and aluminum products from all countries will take effect on March 12, 2025. Please bear in mind that Products from Mexico and Canada that do not qualify for USMCA purposes will have to pay an additional 25% (50% in total). |
 A 25% tariff on automotive imports and some automobile parts from all countries will go into effect on April 2, 2025. Certain exemptions may apply. For further information please contact us. |
USA announces “Fair and Reciprocal Plan" on Trade. Detailed information available here. |
Until April 2nd, Mexico will not pay tariffs on any product included complying with the USCMA (Foreing Trade Agreement between Mexico, the United States and Canada). The products MUST QUALIFY AS ORIGINATING FOR USCMA; we suggest conducting an analysis of the rules of origin and the certificates of origin. |
Until April 2nd, Canada will not pay tariffs on any product included complying with the CUSMA (Foreing Trade Agreement between Mexico, the United States and Canada). The products MUST QUALIFY AS ORIGINATING FOR CUSMA. |
 A 25% tariff on Colombian Imports to the U.S. across all sectors. |
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Mexico again postpones plans for counter-tariff measures until April. |
A 27% tariff on Mexican products imported into Ecuador across all sectors. To be confirmed: day that will come into force. |
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A 25% tariff on Colombian products imported into to the U.S. across all sectors. |
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EU favours negotiations over retaliation to Trump tariffs. |
In response to the ongoing impact of U.S. tariffs, both federal and provincial governments across Canada have rolled out a series of measures aimed at helping businesses remain competitive and sustainable. These initiatives include targeted financial assistance programs, loans, and funding designed to support businesses in maintaining operations, diversifying markets, and boosting productivity.
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