Navigating Trade Wars: Clyde & Co’s Tariff Tracker
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07 February 2025 07 February 2025
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Asia Pacific, North America, UK & Europe
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Corporate & Advisory - Geopolitical Risk
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Energy & Natural Resources
Clyde & Co’s Tariff Tracker is a one-stop shop, providing 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.
These are testing times for international trade. Just two weeks after US President Donald Trump’s inauguration for his second term, the US announced plans for a slew of new tariffs intended to target the US’s three largest trading partners: Canada, Mexico and China. In response, Canada Mexico, and China have announced their own plans for retaliatory tariffs on US imports.
It seems that the stage is set for a global trade war.
The latest version of the Tariff Tracker is set out below. Our Tracker will be supplemented with periodic updates on the tariff landscape to provide context for new measures that are announced.
UPDATE – 6 FEBRUARY 2025
What’s been announced?
US tariffs
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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.
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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
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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.
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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?
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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.
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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.
Trade Restrictions Imposed / Announced by the US
| Target Country | Affected Product(s) | Details (a) Tariff rate; (b) Entry into force; (c) Other relevant details. |
Sources / Orders |
|---|---|---|---|
| Canada | TBC – Likely to apply to all Canadian imports for ‘consumption’, other than ‘energy or energy resources’. |
(a) 25% ad valorem; (b) TBC – not yet in force. |
‘Imposing Duties to Address the Flow of Illicit Drugs Across our Northern Border’ – Executive Order, 1 February 2025 |
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Canada |
‘Energy or energy resources’, defined as “crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water, and critical minerals”. |
(a) 10% ad valorem; (b) TBC – not yet in force; (c) TBC. |
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| Mexico | TBC – Likely to apply to all Mexican imports for ‘consumption’. |
(a) 25% ad valorem; (b) TBC – not yet in force. |
‘Imposing Duties to Address the Situation at Our Southern Border’ – Executive Order, 1 February 2025 |
| China |
TBC – Likely to apply to all Chinese imports for ‘consumption’. |
(a) 10% ad valorem; (b) 12:01 am EST on 4 February 2025. |
‘Imposing Duties to Address the Synthetic Opioid Supply Chain in the People’s Republic of China’ – Executive Order, 1 February 2025 |
Trade Restrictions Imposed / Announced Against the US
| Issuing Country | Affected Product(s) | Details (a) Tariff rate; (b) Entry into force; (c) Other relevant details. |
Sources / Orders |
|---|---|---|---|
| Canada | No current executive order, but sources indicate tariffs will target consumer goods: “US beer, wine, bourbon, fruits and fruit juices, vegetables, perfumes, clothing and shoes, as well as household appliances, sporting goods and furniture” “Lumber and plastics will also face levies and non-tariff measures are also being considered are related to critical minerals and procurement” [BBC News] |
(a) 25 percent ad valorem; (b) TBC. |
No published order available. Canada tariffs: Trudeau hits back against Trump with 25% levy |
| China | Sources confirm that tariffs will be introduced on: “certain types of coal, liquefied natural gas [LNG], crude oil…agricultural machinery, large-displacement cars and pickup trucks” [CNN] |
(a) 15 percent on coal and LNG; 10 percent on agricultural machinery and some automobiles; (b) 10 February 2025. |
No published order available. China hits back at US with import tariffs including on crude oil, as Trump’s measures go into effect | CNN Business |
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