On the 25th of this month, U.S. President-elect Trump announced his intention to impose a 25% tariff on all goods entering the United States from Mexico and Canada. Additionally, President-elect Trump also revealed a 10% tariff increase on Chinese imports. This strategic decision refines the initial proposal made by President-elect Trump in an interview last year, which suggested a universal 10% tariff on imported goods.

Tariff Measures towards China:

President Trump unveiled an additional 10% tariff on Chinese products. On September 27th of the current year, the United States had already made a recent adjustment to its tariff strategy concerning Chinese imports, escalating the tariff rate for Chinese electric cars to 100% and significantly increasing tariffs on other strategically vital Chinese goods such as steel and solar products.

Specific Product Tariff Adjustments:

Electric Cars: The tariff rate increased from 25% to 100%

Solar Panels: The tariff rate rose from 25% to 50%

Semiconductors: Scheduled for implementation by 2025, the tariff rate is set to increase from 25% to 50%

Lithium-ion Batteries: To be implemented by 2026, the tariff rate will rise from 7.5% to 25%

Steel and Aluminum Products: To be enacted by 2026, the tariff rate will increase from 7.5% to 25%

Natural Graphite and Vital Minerals: To be introduced by 2026, the tariff rate will be raised from 0% to 25%

Tariff Approach towards Mexico:

President Trump declared a 25% tariff on all goods entering the United States from Mexico. The implementation of this tariff policy will have significant impacts on Mexican exports to the United States, especially in sectors such as motor vehicles, vehicle parts, electrical and electronic equipment, machinery, nuclear reactors, boilers, computer equipment, petroleum, and natural gas. According to statistical data, these goods constituted a substantial portion of Mexico's exports to the United States in 2023, totaling $614 billion, representing 66.2% of Mexico's total exports.

Tariff Strategy towards Canada:

Similarly, President Trump also announced a 25% tariff on all goods entering the United States from Canada. This policy will affect Canadian exports to the United States, including automobiles, steel, aluminum, and other essential goods, potentially causing significant impacts on the Canadian economy, particularly in the automotive manufacturing and resource export sectors.

Tariff Policy towards Other Nations:

The United States imposed tariffs on digital services from various European Union countries like France and reinstated tariffs on solar products from four Southeast Asian nations, potentially affecting the transit of Chinese solar products through Southeast Asia to the U.S. Additionally, the U.S. imposed anti-dumping levies on common alloy aluminum sheets from 18 countries and regions, including Germany, South Korea, India, and the Chinese Taiwan region, with anti-dumping duties on imported aluminum sheets from Germany reaching as high as 242.8%. The U.S. also initiated an anti-dumping investigation on photovoltaic products from Southeast Asian countries in an effort to protect domestic manufacturing.

Impact of Tariff Policies:

The implementation of the United States' tariff policies may result in increased costs for American consumers and producers, financial market fluctuations, and harm to the agricultural sector. Furthermore, these tariff policies could lead to a restructuring of global supply chains, heighten uncertainty in the global economy, and potentially trigger a series of trade disputes, such as retaliatory tariffs from trading partners, further exacerbating global trade tensions.