AsianFin -- U.S. President Donald Trump's "reciprocal" tariffs announced on April 2 had two omissions: Canada and Mexico. They are currently exempt from new baseline tariffs of 10%, but existing tariffs on certain goods, including steel, aluminum, and autos, remain in place, with 25% on non-U.S.-Mexico-Canada Agreement (USMCA) compliant goods. 

The following is a glance at the various levies on Canada or Mexico: 

Exemption from Baseline Tariffs

Canada and Mexico are not subject to the new 10% baseline tariff announced on “Liberation Day” that the U.S. is imposing on other countries. This means USMCA compliant goods will continue to see a 0% tariff.

Existing Tariffs Remain

However, tariffs that were already in place, like the 25% tariff on non-USMCA compliant goods and the levies on steel and aluminum, continue to be in effect. 

USMCA Compliance

Goods that comply with USMCA continue to receive preferential treatment and are exempt from tariffs.

Fentanyl and border issues

The existing executive orders related to fentanyl and border problems remain in effect and are unaffected by the new tariffs. 

Automobile Tariffs

A 25% tariff on all foreign-made automobiles, including those from Canada, is also in place. 

De Minimis Exemption

The de minimis exemption, which allows imports under $800 to avoid added duties, was slated to end for products from Canada and Mexico, but has been temporarily delayed. 

Retaliatory Tariffs

Canada has imposed retaliatory tariffs on certain US products in response to U.S. tariffs on Canadian-made goods. 

Energy and Potash

Non-USMCA compliant energy and potash imports will be taxed at 10%. 

Non-US Content

The 25% tariff on foreign-made automobiles will apply to the non-US content within Canadian-assembled vehicles.