The Hardwood Federation has shared the following policy alert regarding the tariff situation as of March 3, 2025:
Monday afternoon President Trump confirmed his intent to move forward with 25 percent tariffs against Canada and Mexico, while upping the ante on tariffs on China from 10 percent to 20 percent. Here’s a recap of the latest:
Canada and Mexico: Following up on statements made last week, Trump announced that 25 percent tariffs on imports Canada and Mexico will begin March 4. This time around, the administration has taken the more formal step of publishing its intent to impose the 25 percent tariffs in the Federal Register. To view a copy of the notice related to Canada, please click here. To view the notice related to tariffs on Mexico, please click here. Both countries have promised retaliatory action should U.S. tariffs move forward. Canada’s retaliatory list includes a 25 percent tariff on wood and products from the U.S. including hardwoods.
China: As expected, the administration moved forward Monday to impose an additional 10 percent tariff on Chinese imports, raising the total tariff to 20 percent. Through an order issued Monday, the administration states that the additional tariffs arise from China’s failure to address the fentanyl crisis. As reported previously, the original 10 percent tariffs on Chinese imports to the U.S. went into effect on February 1. The Chinese have imposed $14 billion in retaliatory tariffs to date. Chinese reaction to the latest action from the administration, including tariffs on U.S. hardwoods is unclear at this time.