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President Donald Trump has moved forward with a sweeping tariff plan that places significant taxes on nearly all imports from Canada and Mexico, a move that could escalate tensions with America’s closest trading partners and drive up prices for U.S. consumers.

President Donald Trump announced Monday that broad U.S. tariffs on imports from Canada and Mexico will take effect as scheduled next week, following a temporary delay.

On Thursday, February 13, 2025, President Donald Trump signed a memorandum instructing his administration to determine “the equivalent of a reciprocal tariff” with each foreign trading partner.

President Donald Trump removed exceptions and exemptions from his 2018 tariffs on steel imports, subjecting all steel to a minimum 25% tax. Additionally, aluminum tariffs have been raised from 10% to 25%.

China announced a new wave of retaliatory tariffs on select American imports, along with an antitrust investigation into Google, just minutes after the U.S. imposed sweeping tariffs on Chinese products.

Tariffs announced by the Trump administration is set to shake up global trade dynamics, particularly for businesses importing and exporting goods between the U.S., Canada, Mexico, and China. Prospective tariffs on the European Union have also been threatened.