We review what was announced, consider how the situation might evolve and take a look at some of the economic implications.
On 1 February, US President Donald Trump signed executive orders imposing substantial new tariffs on imports from Mexico, Canada, and China. Two days later, the tariffs against Mexico and Canada were suspended for one month, but the additional levies on Chinese imports took effect on 4 February, prompting retaliatory measures by China.
The UK and the EU were not included in President Trump’s initial salvo, but he has indicated that tariffs on EU products in particular may be forthcoming given the EU’s large trade surplus with the US. The uncertainty alone is likely to weigh on the European economy.
What’s the state of play?
Despite being well trailed, the scale and speed of the proposed tariffs took many observers and financial market participants by surprise. The announcement was notable for being the first time emergency powers have been used by a US p
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