US President Donald Trump sent markets tumbling yesterday when he announced a detailed list of country-specific tariffs on more than 100 trading partners…shockingly, the list did not include Canada or Mexico.
As part of the plan, the U.S. will impose a blanket 10% tariff on all imports on April 5th, with some higher rates kicking in April 9th.
Imports from China will be subject to added levies of 34%, the European Union 20%, and Japan 24%.
For Canada….imports compliant with the Canada-U.S.-Mexico Agreement (CUSMA) will be exempt from the tariffs.
Most non-compliant imports and aluminum, steel and foreign-made automobiles will still face a 25% tariff.