Update on Tariffs
On Sunday, February 9, President Donald Trump announced a 25% import tax on all steel and aluminum entering the United States. He also noted plans to announce reciprocal tariffs on all countries that tax imports from the U.S. on either Tuesday or Wednesday. Reuters, citing government and American Iron and Steel Institute data, reports that the largest sources of U.S. steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam.
The Chamber is continuing to monitor the issue and is engaging with members about the potential impacts. For your convenience, you can provide your thoughts online here or contact Roy Nascimento, president and CEO, North Central Massachusetts Chamber of Commerce, directly by phone at 978.353.7600, ext. 225, or via email.
As the news about the tariffs announced by the Trump administration on Saturday, February 1, 2025, continue to be top of mind for our members, the Chamber is providing the below update (current as of February 4, 2025, at 12 p.m. ET):
Canada and Mexico
The tariffs announced for Canada and Mexico are currently postponed for 30 days.
China
An additional 10% tariff on pre-existing tariffs for imports from China was implemented after midnight on February 4, 2025, and is currently in effect. In response to this action by the U.S., the Chinese government began imposing additional tariffs on natural gas, coal, farm machinery and other products from the United States. Additionally, restrictions on the export of certain minerals, several of which are used in high-tech product manufacturing, were also announced by China.
Europe
Media reports indicate punitive tariffs may be forth coming for the 27 members of the European Union.
We will continue to keep you updated on key developments as they become available.
As always, we encourage members to share their feedback on the impacts these tariffs may have on their businesses. For your convenience, you can provide your thoughts online here or contact Roy Nascimento, president and CEO, North Central Massachusetts Chamber of Commerce, directly by phone at 978.353.7600, ext. 225, or via email.
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