What Has Happened to Date?
March 4, 2025
- US: Imposed a 25% tariff on nearly all Canadian exports (10% on energy and potash) that are not compliant with the Canada-US-Mexico Agreement (CUSMA). Issued an additional 10% tariff on China.
- Canada: Responded with $30B in 25% retaliatory tariffs, including many food products.
- China: Countered US tariffs with 10 to 15% tariffs on US agricultural products
March 12, 2025
- US: Added a 25% tariff on steel and aluminum imports from all countries, including Canada.
March 13, 2025
- Canada: Issued a second $30B retaliatory package covering steel, aluminum, appliances, tools, computers, food, and more.
April 2, 2025
- US: Introduced 25% tariffs on all foreign-made automobiles that are not CUSMA-compliant. Announced 10% baseline tariffs on all countries, excluding Canada and Mexico.
April 4, 2025
- China: Announced 34% tariff on US goods, effective April 10
April 8, 2025
- US: Introduced 84% tariffs on Chines imports, raising Chinese tariffs to 104%
April 9, 2025
- Canada: Issued a third retaliatory package on the US-made portions of automobiles.
- China: Introduced 84% tariffs on US imports
- US: Raised tariffs on Chinese imports to 145%.
April 10–12, 2025
- China: Retaliated with nearly 125% tariffs on US goods.
- US: Exempted smartphones and computers from reciprocal tariffs but maintained a 20% tariff on these goods.
April 17, 2025
- Canada: Changed how it will provide some relief from retaliatory tariffs to minimize the negative effects on certain Canadian companies.
May 6, 2025
- US and Canada: Prime Minister Carney and President Trump participated in their first bilateral at the White House and discussed the Canada-US relationship.
May 8, 2025
- US and UK: Announced the first trade agreement since the US announced global tariffs. The details of the agreement are still under negotiation.
May 13, 2025
- US and China: Announced a 90-day tariff pause, except for 10% baseline tariffs maintained by both parties and the fentanyl related tariffs issued by the US. China committed to removing non-tariff barriers targeting US goods.
- Canada: Swore-in the 30th Ministry, including the Honourable Dominic LeBlanc, Minister responsible for Canada-U.S. Trade, Intergovernmental Affairs and One Canadian Economy
Related News
Advocacy
PM Carney and President Trump White House Meeting
Prime Minister (PM) Carney and President Trump had their first in-person meeting on May 6, 2025, at the White House. The meeting included a press conference in the Oval Office and a closed-door lunch. PM Carney hosted a press conference […]
May 9, 2025
Members Only
Member Bulletin
CHFA Election Update: Final Week
Other party platforms referred to overall cutting red tape and aligning regulatory policy so Canadian businesses can be more competitive, especially in light of US competition. These are policy areas that CHFA can build on in the new Parliament. Before the […]
April 24, 2025
Members Only
Member Bulletin
Important Update on US Tariffs: What CHFA Members Need to Know
What's Changed On April 9, the US paused its reciprocal tariffs for 90 days (ending July 8, 2025) for all countries except China. However, tariffs on Chinese-origin goods entering the US are now at 145% depending on the product. Canada was not included in the reciprocal tariff pause and therefore the UScontinues to apply the […]
April 16, 2025