On November 25, 2024, President-elect Donald Trump took to social media to announce his plans to impose a 25% tariff on all products imported into the United States from Canada, Mexico, and other nations. This ambitious move is set to become one of his first executive orders when he assumes office on January 20, 2025. With the U.S. being Canada’s largest trading partner, accounting for roughly 75% of all Canadian exports, these tariffs could significantly disrupt cross-border trade. As businesses brace for the upcoming changes, Norton Rose Fulbright has established a cross-border trade law task force, made up of trade lawyers from both the U.S. and Canada, to provide guidance on navigating the shifting landscape of international trade.
Understanding Tariffs and How They Work:
This section will explain the basics of customs tariffs, how they are calculated, and how international trade regulations, such as the Harmonized System (HS), determine applicable duty rates. Attendees will also gain insights into the specific tariff structures used in Canada and the U.S.
Who Pays and Collects Tariffs?
This session will clarify who is legally responsible for paying tariffs on imported goods—whether it is the importer, the ultimate purchaser, or a negotiated arrangement between the contracting parties.
Potential Impact of the New Tariffs:
The webinar will also explore the potential 25% tariff President-elect Trump plans to impose on Canadian goods and its broader impact on industries. Attendees will learn which sectors could be targeted, including the likelihood of tariffs on digital products and U.S-origin goods.
Navigating Exemptions and Exceptions:
A crucial aspect of the webinar will focus on how businesses may seek exemptions from new tariffs and the possible processes involved. From public comment periods to exemption protocols, we’ll break down the steps organizations can take to protect their interests.
Planning for the Future of Cross-Border Trade:
As businesses adjust to the evolving trade environment, the task force will provide guidance on how to prepare for future trade measures, including the potential for anti-dumping duties, quotas, and surtaxes, as well as restrictions related to national security concerns.
As President-elect Trump prepares to implement sweeping tariff measures, businesses must stay informed about how these changes could impact their supply chains, pricing, and international agreements. This webinar offers a comprehensive overview of tariffs, the political landscape, and practical advice on how to mitigate risks and comply with new regulations.
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