Overview

• U.S. Commerce Secretary Howard Lutnick announced that tariffs on Canada and Mexico will take effect on Tuesday, but the exact rates will be determined by President Trump.
• Proposed tariffs include a 25% duty on most imports from Mexico and Canada, with a 10% rate on Canadian energy products, though final rates remain undecided.
• An additional 10% tariff on Chinese goods, doubling the existing 10%, is also expected unless China addresses fentanyl trafficking into the U.S.
• Treasury Secretary Scott Bessent suggested that Mexico and Canada could impose matching tariffs on China as a potential response by Tuesday.
• Economists warn these tariffs could increase prices for American consumers on goods like electronics, groceries, and vehicles, despite ongoing efforts to combat inflation.