By President Donald Trump’s repeated threats to dramatically expand tariffs are now a reality. Tariffs of 25% on goods from Mexico and Canada went into effect Tuesday morning, alongside an additional 10% tax on Chinese goods.
It’s a move that affects trillions of dollars in trade and will reshape prices for everything from cars to medication — while straining relationships with key U.S. trading partners.
Imported goods are a key driver of the American economy, totaling $2.9 trillion in 2024, according to the U.S. Census Bureau — with China, Canada and Mexico accounting for more than 40% of that volume.
It’s these top trading partners that Trump has frequently criticized.
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