President Trump Defers Tariffs on Canada and Mexico, Imposes Additional Tariffs on China, and China Responds With Countermeasures

On February 1, 2025, President Trump announced tariffs of 25% against goods imported from Canada and Mexico and 10% against goods imported from China, after declaring a national emergency under the International Emergency Economic Powers Act (IEEPA). However, the tariffs against goods from Canada and Mexico have been paused for one month, with both Canada and Mexico agreeing to take, respectively, certain steps aimed at stemming the flow of fentanyl into the United States (which served as the primary basis for President Trump’s invocation of IEEPA).