No Day 1 Tariffs from Trump; Canada, Mexico in Focus Feb 1

President postpones tariff, keeps 25% in sight, while ordering global trade review

President Donald Trump stepped back from his campaign promise to impose immediate tariffs on Canada and Mexico as he assumed office yesterday, opting instead for a measured approach.

No tariffs were enacted on his first day, but President Trump signed a memorandum directing the Departments of Commerce and Treasury to investigate trade-related issues. He also announced that he was considering imposing tariffs on imports from Canada and Mexico starting February 1.

Memo on "America First Trade Policy"

On his first day, Trump signed a memorandum outlining his administration’s goals for trade policy reform. Among its broader aims of reducing trade deficits and strengthening industrial capabilities, the memo details multiple measures tied to tariffs including:

1. Investigating Trade Deficits: The Commerce Secretary will examine the causes of U.S. trade deficits and consider remedies, including global tariffs.
2. New Tariff Collection System: The Treasury Department will explore creating an External Revenue Service (ERS) to streamline tariff and duty collection.
3. Addressing China: U.S. officials will review agreements with China, evaluate compliance, and potentially impose new tariffs to counter intellectual property and supply chain violations.