Donald Trump is slapping hefty tariff hikes on key US trading partners in the name of a national emergency. To date, the North American market has been governed by the US-Mexico-Canada Agreement (USMCA), which imposes minimal tariffs on imports and facilitates free movement of goods across borders. It is scheduled to remain in place until 2036, but with a review set for 2026. However, on 1 February 2025, Trump officially signed the orders that will introduce an additional 25% on imports from Canada and Mexico, as well as 10% on imports from China, effective 4 February. The Administration claims that the move is intended to address “the extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl” and constitutes a national emergency under the International Emergency Economic Powers Act.

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