Tariffs

Eric Boehm | 1.31.2025 3:15 PM

Huge new tariffs on goods imported from Canada, China, and Mexico could begin as soon as this weekend.

White House Press Secretary Karoline Leavitt told reporters at a Friday press conference that the Trump administration was prepared to impose a new 25 percent tariff on imports from Canada and Mexico, along with a 10 percent tariff on imports from China. Aside from that statement, Leavitt offered few specifics and the White House has so far not released any further details about the new import taxes.

That leaves many unknowns, such as: Under what authority is President Donald Trump implementing those tariffs? Are there exceptions for certain goods, or are the tariffs being charged on all imports from the three countries? Do those tariffs apply on top of existing import duties—for example, is the new 10 percent tariff on goods from China imposed on top of the tariffs on many Chinese imports that Trump implemented during his first term—or in place of them? Will there be a process for certain companies and industries to seek relief from tariffs for goods that cannot be sourced in the United States, like tequila?

Adding to the confusion: Reuters reported earlier on Friday that those tariffs will be implemented on March 1. Leavitt called that report "false."

Canada, China, and Mexico are the United States' three largest trading partners. In 2023, the last full year for which........

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