On February 1, 2025, President Trump officially imposed new tariffs under the International Emergency Economic Powers Act (IEEPA). These tariffs include a 25% tax on imports from Canada and Mexico and a 10% tax on goods from China. Canadian energy products face a lower 10% tariff to minimize disruptions in gasoline and heating oil prices. Trump cited the national emergency posed by illegal immigration and fentanyl, which is responsible for a large portion of U.S. drug overdose deaths, as the reason for the tariffs. The decision also aims to address trade deficits with these nations. Additionally, Trump announced the creation of an “External Revenue Service” to collect these tariffs and hold foreign countries accountable.
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