President Trump announced that 25% tariffs would be imposed on products from Canada and Mexico, effective Feb. 4. But on Feb. 3 after a stock market drop, he announced that tariffs on Mexico would be paused for one month. He also imposed a 10% tax on energy resources from Canada. In addition, he imposed an additional 10% tariff on Chinese imports.
As of Monday morning, the tariffs on Canada and China stand, and Canada has retaliated with tariffs against the United States. Mexico is the United States’ largest trading partner and Canada is the largest export market for 36 states. Trump said that Americans may feel “some pain” due to the tariffs but it will be “worth the price.” Stay tuned.