The US has raised tariffs on Canadian imports to 35%, effective immediately. This move is part of a sweeping new US tariff regime affecting dozens of countries, with some rates as high as 50%, and comes after a flurry of last-minute trade negotiations.
Here are some of the key changes:
- South Korea, Japan, and the EU secured 15% tariffs on cars, while Australia retains a 10% rate.
- Mexico gets a 90-day reprieve.
- Taiwan faces a 20% tariff.
- India gets a 25% one.
- Asian exporters like Laos and Myanmar face 40%+ duties.
- Switzerland, a major US trading partner, faces 39%.
Insights for Global Buyers & Suppliers
This round of US tariffs has immediate effects on the following areas:
- Cost Increases: Importers to the US should prepare for significant cost hikes, especially from Canada and many Asian countries. These costs may be passed on to consumers, affecting global supply chains and retail prices.
- Trade Diversion & Compliance: Suppliers may consider rerouting supply chains, but new rules penalize transshipping with extra duties.
- Deal Urgency: Countries with lower tariffs reached last-minute deals; those without face punitive rates. Ongoing negotiations, especially with China, may shift the landscape further.
- Uncertainty: The fast-changing tariff environment demands agility in procurement and sales strategies, with careful monitoring of ongoing negotiations and policy shifts.
Traders around the world need to be alert to ongoing tariff news and adjust their shipping accordingly.
These tariffs will be updated indefinitely, therefore global traders like you are suggested to stay tuned to the official sites regularly.
Be sure to continue your sourcing with hktdc.com Sourcing, a statutory-backed e-Marketplace with thousands of product varieties and trusted by millions of buyers and suppliers worldwide.
Our e-Marketplace provides a one-stop e-commerce platform for suppliers like you to:
- display a comprehensive product portfolio
- showcase certifications, awards and third-party verifications
- meet potential buyers online anytime, anywhere
- ensure your products appear in relevant buyer searches with advanced AI technology
Kickstart your exploration by clicking the banner below:
