Good morning. The Trump administration announced tariffs on the three largest trading partners of the U.S. on Saturday, with the import duties going into effect on Tuesday.
The executive order imposes a 25% tariff on imports from Mexico and Canada, and 10% on goods from China, with the stated purpose of holding those countries "accountable for their promises to halt the flood of poisonous drugs into the United States,” according to the White House. Canadian energy imports, however, will be subject to a lower duty of just 10%—reflecting the reality that U.S. homeowners rely heavily on their northern neighbor for oil and electricity.
