On March 4, 2025, the US initiated a 25% tariff on goods from Canada and Mexico along with increased tariffs on Chinese products, following the failure to reach a trade deal. President Trump's decision, rooted in declaring a national emergency, triggered immediate repercussions including stock market declines and retaliatory tariffs from Canada and China. Both neighboring countries view the tariffs as a breach of existing trade agreements, raising concerns about potential legal challenges and the ramifications on the US economy and international relations.
Besides the levies on the US' two neighbors, Trump imposed 10% tariffs on Chinese goods in February, which were set to rise to 20% on Tuesday.
Canada and Mexico view Trump's tariffs as violation of trade laws, as they are members of the WTO and partners in the USMCA free trade agreement.
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