Clyde & Co’s Tariff Tracker: February edition

Clyde & Co’s Tariff Tracker provides an overview of all trade restrictions imposed or announced by the US and against the US. The tracker will be updated by our offices across the globe as new measures are introduced.

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The February updates on the tariff tracker including updates in US tariffs, retaliatory tariffs and any after-effects, are set out below.

10 FEBRUARY 2025

What’s been announced?

US tariffs

• On Sunday 9 February, the US has further announced its plan to impose a 25 per cent tariff on all foreign steel and aluminium imports, no matter their country of origin.

When will the tariffs come into effect?

• There is no indication as of yet when the US tariffs of steel and aluminium imports will come into force.
• China’s programme of retaliatory tariffs on US Coal and LNG, agricultural equipment and some automobiles, is now in force as of 12:01 CST on 10 February 2025.

6 FEBRUARY 2025

What’s been announced?

US tariffs

• In response to the perceived “major threat” posed by migration and drugs, the US has imposed a 25 per cent tariff on all goods from Canada and Mexico.
• A 10 per cent increase in levies has also been imposed on imports from China, allegedly due to China’s involvement in the supply of fentanyl into the US.
• These levies will have a significant impact on industries which heavily rely upon their cross-border trade with the US and supply of critical fuels, including commodity traders and energy companies.
• Canadian oil has been hit with a lower tariff rate of 10 per cent, largely as a result of Canada being the US’s preeminent supplier of crude oil.

Retaliatory tariffs

• Canada has announced a retaliatory programme of tariffs on US imports. It will impose a 25 per cent tariff on a range of US products and consumer goods, where replacement Canadian products are readily available. Canada is also preparing for a broader tariff regime intended to target a wide range of US products.
• Mexico has announced that it will impose a retaliatory regime of tariffs on US imports, but it has not yet specified the size or target of its tariffs. It is expected that these tariffs will range from 5 to 20 per cent and will target the US import of produce and materials, such as manufactured steel and aluminium.
• China has also announced that it will impose a 15 percent tariff on US coal and liquefied natural gas (LNG), and a 10 percent tariff on agricultural equipment and some automobiles. This is in addition to tightening its export controls, and imposing restrictions on the supply of Chinese tungsten, ruthenium, molybdenum and ruthenium-related items.

When will the tariffs come into effect?

• The US programme of tariffs on all three countries was set to take effect from 12:01 EST time on Tuesday 4 February 2025 as set out in the Executive Orders.
• However, the US announced on Monday 3 February 2025 that it will be pausing the tariffs on Mexico and Canada for a period of one month following commitments made by both countries to protect their borders with the US.
• The increase in levies on Chinese imports is now in effect as of 12:01 EST time on Tuesday 4 February 2025.
• Sources indicate that China’s tariff programme on US imports is due to commence on 10 February 2025.

See our Tariff Tracker