Important Takeaways:

• At exactly 12.01am ET this morning, the long-awaited 25% US tariffs on Canada and Mexico as well as an additional 10% levy on China went live. The 25% tariffs taking effect apply to all imports from Canada and Mexico, except for Canadian energy which will be tariffed at a 10% rate.
• The 25% EU tariffs, sectoral tariffs on copper, lumber etc., as well as the broader suite of reciprocal tariffs
• Swift retaliation followed from both Canada and China. Canada imposed 25% tariffs of its own on $155bn of US exports including orange juice and bourbon in two stages – immediate tariffs on $30bn of goods and the remaining $125bn in 21 days.
• China raised tariffs by 10% on soybeans, pork, beef, and fruits starting March 10th, and 15% tariffs on chicken, wheat, corn and cotton in line with yesterday’s press reports of agricultural goods being Chinese tariff targets.
  • Additionally, China’s Customs suspended imports of US lumber effective immediately, and suspended soybean import qualification for three US companies

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