MW Here are all the Trump tariffs hitting the economy in the coming weeks

By Chris Matthews

New taxes on Mexican and Canadian goods are set to hit next week

President Trump said Monday that new taxes on imports from Canada and Mexico are "on schedule" and that his administration is moving "very rapidly" to implement them at the end of the month.

The announcement helped weigh on U.S. stocks - with the S&P 500 SPX, ending the day after these comments near session lows - and engendered fears that the president won't just be using the threat of new tariffs as a negotiating tool, but as lasting policy.

Here's a rundown of the tariff threats looming over markets:

Tariffs on Canada and Mexico

Initially announced on Feb. 1, these levies would impose a 25% tax on all imports from Canada and Mexico, with a reduced 10% rate on Canadian energy imports.

The implementation was paused for 30 days to allow both countries to improve their border security measures aimed at curbing illegal immigration and drug trafficking. With the suspension period ending, these tariffs are set to commence on March 4.

"The context here is that fentanyl from China that goes through the drug cartels in Mexico up to Canada kills a Super Bowl of Americans every single year," Peter Navarro, senior counselor for trade and manufacturing for Trump, told CNBC Tuesday.

"We've got to bring that under control. President Trump promised that," he added. "So there's some negotiations ongoing with Canada and Mexico, and if we don't get the kind of progress we need on people dying here in America from deadly fentanyl, then the president will do exactly what he said he would do."

Recent surveys show that tariffs "are top of mind for manufacturers and their possibility - even if future implementation is zero or minimal - can have economic consequences," Will Compernolle, macro strategist at FHN Financial, wrote in a Tuesday note.

"As these policies, continue to develop, it is too early to draw firm conclusions about their long-term effects," Patrick Munnelly, strategist at Tickmill Group, noted in an email Tuesday. "However, for this month the uncertainty is clearly having a negative impact."

Economic Report: Consumer confidence sinks to 8-month low on worries about inflation and Trump tariffs

Reciprocal tariffs

Trump signed a memorandum on Feb. 13 directing the development of a "reciprocal" tariff plan. This strategy aims to match the tariff rates that other countries impose on U.S. exports.

It will also crucially characterize policies like value-added taxes, which are a type of sales tax, as tariffs. They are popular means of raising revenue in wealthy countries, such as those in Europe.

Many economists argue that VATs don't unfairly benefit European manufacturers because European consumers must pay the value-added tax whether they buy an American car or European car, for instance. Similarly, U.S. consumers must pay sales taxes in most states regardless of whether they buy foreign or domestic products.

The plan is expected to be tailored to each country and could lead to significant changes in international trade flows, but the implementation dates have not been announced.

Steel and aluminum tariffs

Trump reinstated a 25% tariff on global steel imports and increased aluminum tariffs to 25% to bolster domestic metal industries by mitigating the influx of cheaper foreign metals.

Those tariffs were announced on Feb. 10 and are set to go into effect on March 4.

Bill Oplinger, chief executive of Pittsburgh-based Alcoa Corp., $(AA)$ which produces aluminum in Canada, Australia and other countries, told the BMO Global Metals and Mining Conference Tuesday that the aluminum import tax could cost about 100,000 American jobs, according to Reuters.

"This is bad for the aluminum industry in the U.S. It's bad for American workers," said Oplinger, an engineer by training who became CEO in 2023.

What's next

The administration has indicated potential tariffs on a range of other critical products including auto tariffs "in the neighborhood of 25%," according to comments by the president earlier this month. He's also hinted at similar duties on semiconductors and pharmaceutical imports.

-Chris Matthews

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February 25, 2025 12:09 ET (17:09 GMT)

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