US plans 25% tariffs on Canadian, Mexican imports starting February 1

Starting February 1, President Donald Trump will impose 25% tariffs on imports from Canada and Mexico, along with a 10% tariff on Chinese goods, as part of his administration's efforts to address illegal immigration and drug trafficking. Industry experts warn that these tariffs may lead to further price increases on essential items like meat, vegetables, and fruit, already affected by high beef and egg prices. Businesses in the U.S. are preparing for the impact, with some attempting to stockpile inventory ahead of the tariff implementation. Canada's Prime Minister Justin Trudeau has indicated potential countermeasures, which could include customs duties on U.S. exports and reduced energy supply to the U.S. The tariffs are expected to disrupt established trade relationships, particularly in the petrochemical sector, where U.S. and Canadian markets are closely linked. As companies brace for increased costs, the uncertainty surrounding these tariffs has prompted discussions among various industries about their operational strategies moving forward.