Trade challenges on 2025: Tariffs, impacts and more

 In January and February, the President of the United States announced a series of tariffs on imports from several countries. In response, these countries prepared counter-tariff measures and even extended non-tariff barriers with the intention of suspending the tariff to be implemented by the US.

Given the above, this microsite has been created to provide the latest insights regarding this year's tariff measures on trade. Forvis Mazars has an expert team capable of assessing the potential impact of these tariffs on imports to the US, as well as the retaliatory measures to be imposed by each involved country. If you need support conducting an analysis on specific products or cases, please reach out to the corresponding Forvis Mazars expert.

 

The Mexican government imposed a ban on imports of goods from the textile sector under the IMMEX program.

The Mexican government is cancelling different steel permits due to inconsistency in the data declared in the certificates.

A 27% tariff on Mexican products imported into Ecuador across all sectors.

To be confirmed: day that will come into force.

Mexico again postpones plans for counter-tariff measures until April.

 

A 25% tariff on Colombian Imports to the U.S. across all sectors. 

Until April 2nd, Mexico will not pay tariffs on any product included complying with the USCMA  (Foreing Trade Agreement between Mexico, the United States and Canada). The products MUST QUALIFY AS ORIGINATING FOR USCMA; we suggest conducting an analysis of the rules of origin and the certificates of origin.

Until April 2nd, Canada will not pay tariffs on any product included complying with the CUSMA (Foreing Trade Agreement between Mexico, the United States and Canada). The products MUST QUALIFY AS ORIGINATING FOR CUSMA. 

A 25% tariff on automotive imports and some automobile parts from all countries came into force on April 2, 2025. Certain exemptions may apply. For further information please contact us. 

A 25% tariff on imports of steel and aluminum products from all countries will take effect on March 12, 2025. Please bear in mind that Products from Mexico and Canada that do not qualify for USMCA purposes will have to pay an additional 25% (50% in total) Aluminum from Russia is subject to 200%.

The US has reduced the tariff on Chinese imports into the US across all sectors from 145% to 30% (according to the negotiations with China). Additionally, a 20% tariff has been imposed on certain products.

Some Exceptions apply. The de minimis is no longer available effective May 2.

On the other hand, China reduced tariffs from 125% to 10% on all US products.

Addition 10% to 125% tariff from all countries. Specific rates upended until July 9.

President Trump Declares Sweeping Tariffs.

 

 

In response to the U.S. tariffs on Canadian exports, Canada has announced that it will impose 25% tariffs on $30 billion in goods imported from the U.S. A full list of the affected goods can be found on the Canadian government website. Click here for detailes information.

In response to the U.S. tariffs on steel and aluminum products, Canada has announced that it will impose 25% tariffs on a list of products totalling $29.8 billion, including:

• $12.6 billion in steel products
• $3 billion in aluminum products
• $14.2 billion in additional imported U.S. goods

A full list of the affected goods can be found on the Canadian government website. Click here for detailed information.

In response to the U.S. tariffs on Canadian automobiles, Canada has announced that it will impose 25% tariffs on non-CUSMA (Canada-United States-Mexico Agreement) compliant vehicles imported into Canada from the U.S., and on non-Canadian and non-Mexican content of CUSMA compliant vehicles imported into Canada from the U.S. A full list of the affected goods can be found on the Canadian government website. Click here for detailed information.

 

Most UK goods face a 10% US tariff. Tariffs on UK steel and aluminium are eliminated, and the first 100,000 UK vehicles imported annually are subject to a 10% tariff (instead of 25%, roughly the annual average). The UK market is open to some US agricultural products, like beef.

The May 8, 2025, agreement is a framework not a final deal. It requires further negotiations on specifics like digital trade, intellectual property, labour, environment, and automotive standards.

Negotiations for a more comprehensive Economic Prosperity Deal, building on the May agreement, are in progress, with the UK avoiding concessions on its Digital Services Tax, Online Safety Act, or NHS.

A full UK-US Free Trade Agreement (UKUSFTA), initially negotiated starting in May 2020, remains on hold.

Some issues, like resolving the UK’s Digital Services Tax (which the US finds discriminatory), are unresolved and on hold pending future talks. 

 

A 25% tariff on Colombian products imported into to the U.S. across all sectors. 

 

EU favours negotiations over retaliation to Trump tariffs.