Effective February 1, 2025, the U.S. will impose new tariffs on imported goods, significantly impacting businesses engaged in cross-border trade.
The tariffs include:
- A 25% tariff on goods imported from Canada and Mexico
- A 10% tariff on goods imported from China
While these tariffs apply broadly to all goods from these countries, oil may be exempted. U.S. authorities have not yet made clear the process for requesting exemptions.
Next Steps
Impacted companies should immediately begin developing a strategic narrative to support exemption requests for certain products.
AGG has extensive experience in drafting and submitting exemption requests, including during the imposition of China tariffs in 2018. For assistance in preparing exemption applications and addressing concerns regarding compliance and supply chain adjustments, please contact AGG partners Mike Burke and Allison Raley.
AGG will continue to monitor developments and will provide updates as necessary.