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United States Tariff Adjustments

On May 19, 2025, the U.S. government reaffirmed several tariff policies and introduced new measures affecting imports from various countries.

Retail Price Impact

• Tariffs imposed earlier in the year are now affecting consumer prices, with Walmart announcing price hikes due to increased costs.
• The de minimis exemption for goods under $800 from China remains eliminated, impacting e-commerce platforms like Temu and Shein.

Trade War Effects

• The U.S. continues to maintain high tariffs on Chinese imports, with rates reaching up to 245% on certain goods.
• The 125% reciprocal tariff on Chinese goods remains paused for 90 days, reducing the rate to 10%.

Ontario’s Budget Response

• Premier Doug Ford signaled that Ontario’s budget may not be balanced due to the need for tariff relief measures.
• Businesses will see select provincial taxes deferred for six months, providing $9 billion worth of relief amid U.S. tariffs.

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Canada’s Tariff Adjustments

Canada reaffirmed its preferential tariff treatments for countries with free trade agreements, including the USMCA and CPTPP.

Grocery Price Increases

• Loblaw, Canada’s largest grocer, warned that tariff-related price hikes will soon affect over 6,000 products, including pantry staples and health items.
• The Canadian government has paused nearly all counter-tariffs on U.S. goods, reducing price pressures.

EV Tariffs

• Canada followed the U.S. in imposing a 100% tariff on Chinese-made electric vehicles, which has led to retaliatory tariffs from China on Canadian canola and seafood.

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China’s Tariff Adjustments

China responded to U.S. trade policies with its own tariff measures.

Retaliatory Tariffs

• China announced that it will extend its reciprocal tariff pause on U.S. imports for an additional 30 days, meaning the 125% tariff will remain suspended until August 12, 2025.
• China reduced its tariffs on U.S. goods from 125% to 10%, following a 90-day pause in the trade war.

Export Restrictions

• China continues to limit exports of rare earth minerals, affecting global supply chains.

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European Union Tariff Adjustments

The EU introduced new tariffs aimed at protecting domestic industries.

Steel Tariffs

• The EU maintains a 12% tariff on imported steel from non-EU countries, citing unfair competition.

Agricultural Tariffs

• The EU announced a 5% tariff on imported wheat and soybeans from the U.S. and Canada, effective immediately.

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United Kingdom’s Tariff Adjustments

The UK introduced new tariff measures to protect domestic industries.

Automobile Tariffs

• The UK imposed a 15% tariff on imported automobiles from non-EU countries, aiming to support domestic car manufacturers.

Technology Tariffs

• A 10% tariff was introduced on imported semiconductors, citing concerns over national security.

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India’s Tariff Adjustments

India introduced new tariffs targeting specific industries.

Electronics Tariffs

• India raised tariffs on imported smartphones and laptops to 18%, citing the need to boost domestic manufacturing.

Pharmaceutical Tariffs

• India reduced tariffs on imported medical equipment to 5%, aiming to improve healthcare accessibility.

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Mexico’s Tariff Adjustments

Mexico adjusted its tariff policies to align with global trade shifts.

Agricultural Tariffs

• Mexico imposed a 6% tariff on imported corn and soybeans, aiming to support domestic farmers.

Energy Tariffs

• A 10% tariff was introduced on imported crude oil, targeting non-CPTPP countries.

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Brazil’s Tariff Adjustments

Brazil introduced new tariffs to protect its growing industries.

Automobile Tariffs

• Brazil imposed a 20% tariff on imported vehicles from non-Mercosur countries, supporting local manufacturers.

Technology Tariffs

• A 12% tariff was introduced on imported electronics, including smartphones and laptops.

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Global Trade Impact

• Supply Chain Disruptions: Businesses worldwide are struggling with tariff-related uncertainties, with logistics firms like Maersk advising companies to adopt agile strategies.
• Economic Concerns: Experts warn that prolonged tariff policies could lead to recessionary effects, particularly in manufacturing-heavy regions.