Federal Update: Latest News on Trump Administration Tariffs

​President Trump’s tariff policies continue to cause uncertainty for international trade, business operations and the economy. Here is the latest update on the administration’s recent tariff policies and executive orders:
 
As of March 4th, President Trump enacted a 25% tariff on all imports from Mexico and Canada, and 10% tariff on energy resources from Canada.  The order also raised the tariff on Chinese imports to 20%.  

Canada has implemented retaliatory measures, putting 25% tariffs on $30 billion in goods imported from the U.S., and the threat of $125 billion more after a 21-day consultation period. The list of what would get tariffed immediately includes food — poultry, beef, fish, yogurt and more — along with various textiles and furniture.
 
Mexico’s leadership is expected to meet with the Trump administration this week and outline its plan for retaliatory measures. While the tariffs on Canada and Mexico were paused last month, they went into effect as part of the Trump Administration’s efforts to combat illicit drug trafficking into the U.S.
 
Some additional tariffs being planned over the next month include:

• A global 25% tariff on aluminum and steel, set to go into effect on March 12.
• A global tariff on all agricultural products and foreign cars, set to go into effect on April 2. The amount of these tariffs has not yet been specified.

 
Commerce Lexington supports open trade policies with markets abroad and removing barriers that shut U.S. exports out of foreign markets. The Chamber also supports efforts to implement fewer regulations and less taxation that will grow our economy and expand opportunity. However,  we remain concerned about negative economic impact of tariff policies on key industries in the Bluegrass Region. Tariffs and any practice that hinders free trade will undoubtedly increase costs, impact supply chains and impact consumers directly. Commerce Lexington will continue to monitor these issues, and communicate economic impacts to federal officials.    
 
The Tax Foundation maintains a Trump Administration tariff timeline and further details regarding their economic effects.
 
We are more effective advocates when we hear directly from our members about policy impacts. If you are concerned about tariff impacts on your business, please contact Commerce Lexington to share feedback.

Andi Johnson, Chief Policy Officer & Director of Regional Engagement