What Is the Current Situation?
The current situation with respect to US tariffs is evolving on
a weekly basis and is subject to change. What we know so far is
that the US administration's 10% tariff on all Chinese goods
became effective at the start of February, but was subsequently
amended by Executive Order on 3 March 2025, increasing the tariff
rate from 10% to 20% from 4 March 2025. Furthermore, as of 4 March
2025, an ad valorem tariff rate of 25% has been applied to all
Canadian products, except for energy or energy resources (which
definition is extensive, and includes crude oil, natural gas,
refined petroleum products, uranium, coal, biofuels, geothermal
heat, and critical minerals), which are subject to an ad valorem
rate of duty of 10%.
