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In recent days, it became evident that President Trump is keeping his promise of using trade tariffs as a key tool of his policy. Although it remains to be seen to what extent Trump will use tariffs measures merely as a negotiating tool or as an effective and structural part of his trade policy, the current developments create uncertainty for businesses worldwide.
On February 1, 2025 Trump announced special tariff measures on products from Canada, Mexico and China citing national security threats. The tariff measures were due to become effective on February 4, 2025. While the U.S. tariffs on products from Canada and Mexico, along with Canada’s retaliatory tariffs, were temporarily deferred for 30 days following discussions with leaders of the respective countries, the tariffs on Chinese products have remained effective since February 4, 2025. On February 10, 2025, Trump announced tariffs on steel and aluminum imports to a flat 25% without any exceptions or exemptions. These tariffs are planned to enter into force on March 12. Additionally, Trump has also threatened to impose other tariffs on EU products and has criticized the UK regarding trade practices.
Companies worldwide are impacted by the U.S. tariff measures. Even companies who do not export to the U.S. directly, may be impacted through retaliatory measures or shifts within the global trade flows. We strongly encourage companies to assess the impact of the ongoing trade developments on their activities and supply chain.
Is my company impacted by the U.S. tariff measures? What is the impact? How do we deal with the impact?
Businesses should assess their exposure to the current tariff measures, prepare for potential supply chain disruptions, and take immediate steps for tariff mitigation planning.
We welcome you to join our Global Trade Update on March 20, 2025, where we will provide an in-depth session on the U.S. Trade Wars and how companies can manage the impact of the tariff measures (from a global trade, transfer pricing and supply chain perspective) while capitalizing on related opportunities.
As the situation evolves rapidly, you may already have questions about how you are affected by all the U.S. tariff developments and what steps to take. We encourage you to reach out to our EY Global Trade specialists so that we can help you navigate successfully through the current Global Trade landscape.
We are excited to invite you for our Global Trade Update event happening on Thursday, 20 March 2025 from 9:30 a.m. to 5:00 p.m. at the EY Diegem office, “The Wings”. We’ll explore the implications of these tariffs and provide insights on managing their impact. Register here.