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On Saturday Feb. 1, President Donald Trump issued three executive orders (EOs) to impose tariffs on imports from China, Mexico and Canada effective 12:01 a.m. eastern time on Feb. 4, 2025.
- The EO targeting China imposes a 10% tariff on all goods. It applies on top of the existing tariffs on a range of specific goods imported from China that were imposed during President Trump’s first term as well as during the Biden administration.
- The EO targeting Canada imposes a 25% tariff on all imports other than energy resources, which are subject to a 10% tariff.
- Energy resources that are covered by the 10% rate include: crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water, and critical minerals, as defined by 30 U.S.C. 1606 (a)(3), and as otherwise included in the Federal Register notice.
- The EO targeting Mexico imposes a 25% tariff on all imports.
Additionally, under the EOs, all Chinese, Mexican and Canadian imports will be ineligible for “de minimis” treatment, which allows imports valued at $800 or less to enter the United States duty-free.
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The need for fact-based reporting of issues important to family offices and successful families and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful families are under fire. That’s why Family Enterprise USA Action is passionately working to increase the awareness of issues important to family offices and successful families, while continuing to strengthen our presence on Capitol Hill.
Family Enterprise USA Action engages with legislators on Capitol Hill on behalf of family offices, successful families, and family-owned businesses. It is focused exclusively on the critical tax and economic policies that impact them. Since 1995, FEUSA Action has been the leading advocacy group working daily in Washington, D.C., to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income and capital gains taxes, the creation of a wealth tax, and other hostile policies that punish hardworking taxpayers and success in the U.S. It is a bipartisan 501.c4 organization.
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