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Fact Sheet: President Donald J. Trump Imposes Tariffs on Imports from Canada, Mexico, and China
The U.S. has recently implemented new tariffs on imported goods, potentially affecting the hardwood industry's supply chain, costs, and global competitiveness. We are closely monitoring these developments. Here's an overview:
Key Details:
· New Tariffs: As of February 4, 2025, the U.S. has imposed a 25% tariff on imports from Canada and Mexico, and a 10% tariff on imports from China.
· Exemptions: Canadian oil, natural gas, and electricity are exempt from the 25% tariff but will face a 10% tax.
· Retaliatory Measures: Canada has announced retaliatory tariffs on U.S. goods, including hardwood and lumber products. Mexico has agreed to pause its tariffs for one month. China plans to file a formal dispute through the World Trade Organization and may take countermeasures.
For more information, check out these resources:
· Reuters: Canada Responds to U.S. Tariffs