President Trump has announced that the additional 25% tariffs on Canadian goods slated to be effective on February 1 will be suspended for 30 days. This action comes hours after the announcement that the additional 25% tariffs on Mexican goods were suspended. Canada’s Prime Minister reportedly has agreed to new commitments to target the flow of fentanyl across the US border.
This action forestalls the application of tariffs for at least 30 days, and it is certain that talks will be held to find a more permanent accord. This leaves only the additional 10% tariffs on Chinese goods to go into effect at midnight.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services