Article by: Rick Walker, Vice President, TradeInsights, LCB/CCS

President Trump will move forward with new tariffs on Canada, Mexico and China on Saturday, the White House said, affirming he will stick to his February 1 deadline for the new duties that could have widespread effects on the economy. In Friday’s White House briefing, White House press secretary Karoline Leavitt stated, “I can confirm that, tomorrow, the February 1 deadline President Trump put into place with a statement several weeks ago continues.” She said the tariffs would amount to a 25% duty on Mexico and Canada and a 10% tariff on China “for illegal fentanyl they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans.” Some news outlets, such as Reuters have reported that according to sources the new tariffs will begin on March 1 after a 28-day implementation window. Reuters also reported the new tariffs will include a process for the countries to seek specific exemptions for certain imports.

There are still more questions than answers at this point, and there has been no official announcement of the new tariffs, so we will all have to stay tuned to the news.

We will continue to provide updates as announcements are made.

Please contact your V. Alexander account team, or you may also contact our Trade Compliance team at tradeinsights@valexander.com with any questions.