As we had stated in our Tuesday, February 25th post - the details of the new U.S. tariffs and fees continue to evolve in this accelerated national dialogue. Many of the taxes and/or fees discussed in our post on Tuesday were proposals that have since been updated or changed.
The New York Times has an in-depth timeline of how the conversation around the new tariffs and fees have evolved over the last month and a half. Our analysis, based on the proposals as of the morning of March 3rd, 2025 is as follows:
After many domestic and international discussions:
There is a new 10% tariff on imports from China as of early February, and there may be an additional 10% added later in March.
There is anticipated to be new tariffs on imports from Mexico and Canada as early as this week. The rates and affected items are yet to be determined at the time of this report, but could be as high as 25%.
There have been announcements of tariffs on various raw-materials such as steel and aluminum expected to come into effect in Mid-March.
There have been talks of new tariffs on to products coming from the EU - particularly around car imports - anticipated to come into effect in April.
While these proposals, tariffs, and fees continue to evolve, the best advisors to talk to are the vendors and importers handling the transport of these goods into the U.S.. Importer companies and the vendors themselves are better able to advise on which components of the products - if any - may be subject to the new tariffs, taxes, and fees.