Global Trade
January 31, 2025
Week in review- Tariffs take center stage
Written by Gabriella Vagnini
Tariff talks
- The industry is almost certain Mexico will be hit with 25% tariffs, given concerns over illegal immigration, drug trade, and alleged backdoor Chinese metal imports. You can read more about it in Greg Wittbecker’s Final Thoughts this week.
- Canada’s fate is less clear, some believe a 25% tariff will be imposed initially, then later negotiated away. Trump has long been fixated on the U.S.-Canada trade deficit, despite oil exports skewing the numbers.
- Slapping a 25% tariff on Canadian crude oil would be self-defeating, as it could spike U.S. energy costs and inflation, this contradicts Trump’s campaign promises.
