President Donald Trump said Monday that 25% tariffs on most imports from Canada and Mexico – delayed by a month to give those countries time to work on border security – will take effect March 4.
“The tariffs are going forward on time, on schedule,” Trump said at the White House when asked during a news conference with French President Emmanual Macron whether the tariffs on Canadian and Mexican products would be implemented, according to a report by The Canadian Press.
Unlike other imports from the United States’ biggest trading partners, only a 10% tariff will be placed on energy from Canada.
The postponement in early February came after agreements with both countries to enhance border security to deal with illegal immigration as well as the movement of fentanyl. But in addition to addressing the flow of immigrants and drugs, Trump seeks to use tariffs to bring manufacturing back to the U.S.
Mexico and Canada have vowed retaliatory tariffs if the U.S. imposes the levies.
Trump said the tariffs were “moving along very rapidly,” Bloomberg reported.
However, an anonymous source told Bloomberg that what will happen with the 25% tariffs on Canadian and Mexican goods has yet to be determined. The source did say that reciprocal tariffs, which would be assessed against all countries based on their individual tariff rates on U.S. exports, are still on track for implementation in April.
Of the reciprocal tariffs, Trump said, according to Bloomberg, “We want to have the same – so if somebody charges us, we charge them. It’s very simple. But it’ll be very good for our country. Our country will be extremely liquid and rich again.”
Imports from China have already been hit with a 10% tariff.
From January through November 2024, U.S.-Mexico trade totaled $776.05 billion, a 6% year-over-year increase from the same period in 2023. Trade between Canada and the U.S. totaled $699 billion for the first 11 months of 2024, a 2% year-over-year decrease from the same period in 2023.
Some economists have said the tariffs could worsen inflation. Inflation was at 3% in January, according to the Consumer Price Index.
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