The tariff landscape is dynamic. Marked by both protectionist moves and conflict resolution. In the United States, a recent policy shift will reinstate a 25% tariff on steel imports from countries including Canada and Mexico by March 2025. Meanwhile, the U.S. has doubled down on tariffs against China; a 2024 review kept hefty duties in place and even raised rates (ranging from 25% to 100%) on about $18 billion worth of Chinese goods in strategic sectors.

Trade disputes under the USMCA are also making waves. A panel ruled that Mexico’s ban on genetically modified corn violated the trade pact. In contrast, another panel upheld Canada’s limits on U.S. dairy imports. Not all tariff news is about barriers going up: Brazil temporarily slashed import taxes on various food items (from beef to olive oil) to fight inflation. These developments underscore the ever-shifting tariff environment businesses must navigate, balancing domestic interests with international trade commitments.