On February 1, 2025, President Donald Trump announced significant tariffs on imports from Canada, Mexico, and China, citing concerns over illegal immigration and drug trafficking. The tariffs include a 25 percent duty on imports from Canada and Mexico, a reduced 10 percent rate on Canadian energy products, and a 10% duty on imports from China. Agreements with Canada and Mexico suspended the tariffs against those countries for 30 days on Jan. 3.