President Trump announced the imposition of steep tariffs on imports from Mexico, Canada, and China, utilizing the International Emergency Economic Powers Act (IEEPA) due to concerns about illegal immigration and drug trafficking. Effective February 4, a 25% tariff will apply to most goods from Canada and Mexico, while Canadian oil and energy imports will face a reduced tariff of 10% and a 10% tariff will be imposed on imports from China.

Following the U.S. Trade Representative’s recommendations, President Biden has announced increased tariffs on $18 Billion of Chinese imports across strategic U.S. sectors which include steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.