Effective February 1, 2025, the U.S. will impose new tariffs on imported goods, significantly impacting businesses engaged in cross-border trade.
The tariffs include:
- A 25% tariff on goods imported from Canada and Mexico
- A 10% tariff on goods imported from China
While these tariffs apply broadly to all goods from these countries, oil may be exempted. U.S. authorities have not yet made clear the process for requesting exemptions.
Next Steps
Impacted companies should immediately begin developing a strategic narrative to support exemption requests for certain products.
