As of February 1, 2025, President Donald Trump has enacted a significant increase in tariffs on a range of imported goods, expanding beyond China to include products from Mexico and Canada. The tariff hikes, which range from 15% to 25%, affect a variety of goods, including automotive parts, electronics, agricultural products, and textiles.

While the move aims to address trade imbalances and reduce reliance on foreign imports, it has drawn mixed reactions. Proponents argue the tariffs will help protect American jobs, especially in manufacturing sectors, by encouraging domestic production. However, critics warn that these increased costs could lead to higher prices for consumers and disrupt existing trade relationships.

Businesses and consumers alike should prepare for potential price increases and adjustments in supply chains as the effects of these tariff increases unfold. The global trade landscape is set for another shift, with Mexico, Canada, and China all facing heightened barriers to U.S. market access.

Read more about these developments from Forbes.com.

As always, your Richard Murray & Co. team is here to work with you and find solutions as we navigate these changes together!