Everything We Know About Trump’s Tariffs (for now): The Week of February 3rd
Trump’s latest tariffs are shaking up North America, with the U.S. slapping hefty import taxes on Canada and Mexico, prompting swift retaliation and fears of economic chaos. While Mexico managed to delay its tariffs by a month with a last-minute security deal, Canada fired back by cutting ties with Starlink and banning U.S. firms from government contracts. The entertainment industry is also feeling the heat, as Hollywood’s reliance on Canadian production could take a hit. Meanwhile, UK Prime Minister Keir Starmer is making history by attending an EU meeting post-Brexit, hoping to reset relations. And in a wild twist, Elon Musk’s DOGE commission—Trump’s task force for slashing government programs—now has access to sensitive Treasury data, raising eyebrows about just how much power it really has.
Check out all of the details:
How the U.S.-Canada-Mexico tariffs will work: The Trump administration said Saturday it would levy 25% import tariffs on goods from Mexico and Canada, with Canadian energy products facing a 10% tariff. The announcement also includes an extra 10% tariff on imports from China. The tariffs will take effect on Tuesday. Already, Canada has announced retaliatory tariffs, and Mexico has pledged to do the same.
Trump halts tariffs on Mexico as it rushes troops to border: In a dramatic, last-minute move, the Trump administration agreed earlier today to pause sweeping tariffs on Mexico for a month while the two sides hammer out an agreement on security and trade, the U.S. and Mexican leaders announced.
Ontario cancels Starlink deal, bars US firms from government contracts: Ontario’s premier said his government is ending its contract with Starlink, the Elon Musk-controlled satellite company, following President Trump’s executive order to impose tariffs on goods imported from Canada. The government also will ban U.S. companies from provincial contracts until the tariffs are removed.
Trump’s tariffs could threaten Hollywood production, box office recovery: Known as Hollywood North, Canada has been a bustling production hub for American film and television series for decades. In addition to offering an enticing tax credit for stateside studios, the country has developed a top-notch workforce of industry talent in front of and behind the camera. Trump’s import tariffs on Canadian goods could threaten that relationship, Hollywood insiders told CNBC.
Trump tariffs spark panic and anger in Canada and Mexico: President Trump’s tariffs on Canada and Mexico sparked panic and condemnation from the US’s top trading partners, who said the levies would devastate North America’s economy and overturn decades of integration. Politicians, business leaders and trade associations in all three countries reacted with disbelief, warning the tariffs would bring inflation, supply chain disruption and widespread job losses.
Keir Starmer first UK PM to join EU meeting since Brexit: Keir Starmer is heading to Brussels to join a gathering of European Union leaders – the first time a British prime minister has done so since Brexit. Starmer is heading over the English Channel for talks focused on defence and security co-operation and will also meet Nato secretary general Mark Rutte. The trip is part of what he calls a “reset” between the UK and the European Union.
Elon Musk’s DOGE commission gains access to sensitive Treasury payment systems: The Department of Government Efficiency, run by President Trump’s billionaire adviser and Tesla CEO Elon Musk, has gained access to sensitive Treasury data including Social Security and Medicare customer payment systems, according to two people familiar with the situation. The move by DOGE, a Trump administration task force assigned to find ways to fire federal workers, cut programs and slash federal regulations, means it could have wide leeway to access important taxpayer data, among other things.
We hope you have a productive week! Check out more insights from the Vested team here.
