February 1st, 2025, a day in international trade that could/will live forever as the day "the pin was pulled" and the landscape of trade relations with some of our top allies was dramatically changed.
Yes, we in the trade industry have been anticipating this day. Hoping that it was just a strong-arm tactic, but if it in fact became a reality, we must all find a way to navigate the consequences, as the dominos now start to fall.
The White House confirmed that President Donald Trump will impose a 25% tariff on goods from Mexico and Canada, with an additional 10% on Chinese imports.
No need for us to go into detail in this "heads-up" announcement, as most of you already know how this will affect your business and/or clients. At this time, there are plenty of articles with a variety of opinions on the subject and how disruptive this could be to the not just the U.S., but the global economy as well.
There is some hopeful speculation that the tariffs could have a short lifespan if Canada and Mexico can negotiate a settlement with Trump to more aggressively address illegal immigration and fentanyl smuggling. Trump's move against China is also tied to fentanyl and of course is simply piled on top of existing tariffs that will be around most likely for years to come.
We are here to help if you'd like to discuss the options.
BTW: We will have a discussion on the above topic during a live webinar inclusive of BLG's Mexico Legal Counsel, BLG's Washington D.C. Counsel, and an affiliate trade expert from Canada. If you are free at 10:30 CST on February 4th and are inclined to join us, click here for registration: https://conta.cc/4aB9Ote
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