Trump Announces 25% Tariffs on Canada/Mexico, 10% on China Under IEEPA

President Trump announced 25% tariffs on all imports from Canada and Mexico (citing fentanyl trafficking and border security as a national emergency), and a 10% tariff on China under IEEPA authority — effective February 4, 2025. The tariffs on Canada and Mexico triggered immediate retaliation threats and business alarm over supply chain disruptions, particularly in autos, energy, and agriculture.