Clyde & Co’s Tariff Tracker: February edition

Clyde & Co’s Tariff Tracker provides an overview of all trade restrictions imposed or announced by the US and against the US.

Following the Supreme Court’s decision and the shifting regulatory landscape, Clyde & Co has paused updates to the Tariff Tracker. However, Clyde & Co continues to monitor the developments closely, and if you have any questions about how these changes may affect your business or supply chain, your usual Clyde & Co contact/s would be pleased to assist.

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The February updates on the tariff tracker including updates in US tariffs, retaliatory tariffs and any after-effects, are set out below.

10 FEBRUARY 2025

What’s been announced?

US tariffs

• On Sunday 9 February, the US has further announced its plan to impose a 25 per cent tariff on all foreign steel and aluminium imports, no matter their country of origin.

When will the tariffs come into effect?

• There is no indication as of yet when the US tariffs of steel and aluminium imports will come into force.
• China’s programme of retaliatory tariffs on US Coal and LNG, agricultural equipment and some automobiles, is now in force as of 12:01 CST on 10 February 2025.

6 FEBRUARY 2025

What’s been announced?

US tariffs

• In response to the perceived “major threat” posed by migration and drugs, the US has imposed a 25 per cent tariff on all goods from Canada and Mexico.
• A 10 per cent increase in levies has also been imposed on imports from China, allegedly due to China’s involvement in the supply of fentanyl into the US.
• These levies will have a significant impact on industries which heavily rely upon their cross-border trade with the US and supply of critical fuels, including commodity traders and energy companies.
• Canadian oil has been hit with a lower tariff rate of 10 per cent, largely as a result of Canada being the US’s preeminent supplier of crude oil.

Retaliatory tariffs

• Canada has announced a retaliatory programme of tariffs on US imports. It will impose a 25 per cent tariff on a range of US products and consumer goods, where replacement Canadian products are readily available. Canada is also preparing for a broader tariff regime intended to target a wide range of US products.
• Mexico has announced that it will impose a retaliatory regime of tariffs on US imports, but it has not yet specified the size or target of its tariffs. It is expected that these tariffs will range from 5 to 20 per cent and will target the US import of produce and materials, such as manufactured steel and aluminium.
• China has also announced that it will impose a 15 percent tariff on US coal and liquefied natural gas (LNG), and a 10 percent tariff on agricultural equipment and some automobiles. This is in addition to tightening its export controls, and imposing restrictions on the supply of Chinese tungsten, ruthenium, molybdenum and ruthenium-related items.

When will the tariffs come into effect?

• The US programme of tariffs on all three countries was set to take effect from 12:01 EST time on Tuesday 4 February 2025 as set out in the Executive Orders.
• However, the US announced on Monday 3 February 2025 that it will be pausing the tariffs on Mexico and Canada for a period of one month following commitments made by both countries to protect their borders with the US.
• The increase in levies on Chinese imports is now in effect as of 12:01 EST time on Tuesday 4 February 2025.
• Sources indicate that China’s tariff programme on US imports is due to commence on 10 February 2025.

See our Tariff Tracker