US Tariffs begin, retaliation erupts 🌋

Author

Ben Thompson
March 06, 2025

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In today’s email:

  • Tariffs Kick In: 🚧 The latest on the US tariff saga.

  • Pure Gold: đź”’ Is America’s gold in Fort Knox?

  • Done Deal: 🥷 BlackRock takes over key Panama Canal ports in $22.8B deal.

TRADE NEWS

Latest Updates on US Tariffs

As of March 6, 2025, the United States has implemented significant tariff measures affecting imports from Canada, Mexico, and China. Below is an overview of these tariffs:

Tariffs on Canada and Mexico:

  • March 4, 2025: The U.S. imposed a 25% tariff on all imports from Canada and Mexico. Additionally, a 10% tariff was specifically applied to Canadian energy exports, including oil and natural gas.

Tariffs on China:

  • February 4, 2025: The U.S. implemented a 10% tariff on all goods imported from China and Hong Kong.

  • March 4, 2025: The tariff on Chinese goods was increased from 10% to 20%.

  • March 12, 2025 (Scheduled): The U.S. plans to implement a 25% tariff on all steel and aluminum imports, removing previous country exemptions.

Temporary Exemption for the Automotive Industry:

  • March 5, 2025: President Trump granted a one-month exemption from the new tariffs for U.S. automakers importing vehicles from Canada and Mexico. This decision followed discussions with executives from Ford, General Motors, and Stellantis, aiming to provide the industry with additional time to adjust to the new trade policies.

Retaliatory Measures:

  • Canada: In response to U.S. tariffs, Canada announced 25% tariffs on $30 billion worth of U.S. goods, effective March 4, 2025, with plans to extend these measures to an additional $125 billion in the coming weeks.

  • China: China imposed tariffs ranging from 10% to 15% on various U.S. agricultural products, including chicken, wheat, corn, cotton, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products, effective March 10, 2025.

  • Mexico: Mexico has announced plans to impose retaliatory tariffs on U.S. goods, with details to be released on March 9, 2025.

While this article provides a high-level overview, it is essential for stakeholders to seek the most accurate and up-to-date information directly from the US Customs and Border Protection (CBP). Regulations and enforcement measures can evolve, and CBP remains the authoritative source for compliance details. For official guidance, visit the CBP website.

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VIDEO OF THE DAY

America’s Missing Gold?

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SHIPPING NEWS

China Out, America In: BlackRock’s Bold Move in Panama

A Hong Kong-based conglomerate that operates ports near the Panama Canal has agreed to sell its shares to a BlackRock-led consortium following allegations by former President Trump of Chinese interference.

CK Hutchison Holdings announced it would divest its entire stake in Hutchison Port Holdings and Hutchison Port Group Holdings in a $22.8 billion deal. The two units hold 80% of Hutchison Ports, which operates 43 ports across 23 countries, including two of the four major ports along the Panama Canal.

BlackRock, Global Infrastructure Partners, and Terminal Investment Limited will acquire a 90% stake in Panama Ports Company, which controls the Balboa and Cristobal ports.

"This agreement highlights BlackRock and GIP’s ability to secure premier infrastructure investments," said BlackRock CEO Larry Fink.

The deal follows concerns raised by U.S. Sen. Ted Cruz, who warned China could use its influence to disrupt canal operations. U.S. Secretary of State Marco Rubio urged Panama’s president to reduce Chinese control, leading Panama to exit China’s Belt and Road Initiative, triggering backlash from Beijing.

Trump hailed the deal in a Congressional address, stating the U.S. is "reclaiming the Panama Canal." With 70% of its traffic tied to U.S. trade, American control over key ports marks a major geopolitical shift. Hutchison’s no-bid contract extension had already drawn scrutiny, fueling speculation of a U.S.-backed takeover.

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