On Saturday, President Trump signed executive orders imposing a 25% tariff on most imports from Mexico and Canada as well as a 10% tariff on goods from China. Energy sources imported from Canada, including natural gas and crude oil, would see a 10% tariff.
However, after promises of increased border security by both Mexico and Canada, President Trump has paused tariffs to both countries for a period of at least 30 days. Originally scheduled to go into effect February 4, the new pause provides a temporary reprieve to what would have been a lengthy list of targets including automobiles and auto parts, lumber, oil plastics, pulp, appliances, alcohol, and agricultural products.
Prior to the agreed pause, Canadian Prime Minister Justin Trudeau said he would match the 25% tariffs on up to $155 billion in U.S. imports.
The posted Executive Order for Canada issued on Saturday stated: Such rate of duty shall apply with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on February 4, 2025, except that goods entered for consumption, or withdrawn from warehouse for consumption, after such time that were loaded onto a vessel at the port of loading or in transit on the final mode of transport prior to entry into the United States before 12:01 a.m. eastern time on February 1, 2025, shall not be subject to such additional duty, only if the importer certifies to CBP as specified in the Federal Register notice.
At the time of this writing, President Trump’s tariffs against China are still scheduled to go into effect on Tuesday.