Wyche and the Association of Corporate Counsel hosted a panel event on May 12, 2025 examining a global perspective on navigating tariffs. Featuring insights from leading law firms in China, Mexico, Canada and the United States, the discussion explored how companies can manage risks in an uncertain environment. Insights and footage from the event can be found by visiting the link below.
The following information highlights ongoing tariff updates that have occurred since the May event, from each of the respective international territories.
Updated August 6, 2025
Suspension of Tariff Increases Following Trump-Sheinbaum Call
On July 12, President Donald Trump published a letter on Truth Social, threatening to raise tariffs on imports from Mexico to 30%, effective August 1, 2025.
On Thursday, July 31, after a phone call with Mexican President Claudia Sheinbaum, President Trump made another post on Truth Social announcing the following:
President Sheinbaum described the call with President Trump as positive and welcomed the pause on the planned tariff increases.
Preparations for the USMCA Review and Strengthening Ties with Canada
According to statements from Mexico’s Secretary of Economy, the formal review of the USMCA is scheduled to begin in January 2026, with preparatory work commencing in September 2025. A public consultation will be initiated to assess the experiences of each sector under the agreement.
On Tuesday, August 5, President Sheinbaum met in Mexico City with Canada’s Finance Minister François-Philippe Champagne and Foreign Minister Anita Anand to discuss bilateral trade matters. Canadian Prime Minister Mark Carney is expected to make an official visit to Mexico soon.
Updated July 16, 2025
Threat by the President of the United States to impose 30% tariffs on products from Mexico as of August 1, 2025
On July 12, former President Donald Trump announced in a letter published on Truth Social his intention to impose a 30% tariff on products imported from Mexico, starting August 1, 2025. This new measure would be added to existing sectoral tariffs. President Trump also warned that he would increase tariffs further if Mexico decides to retaliate against this trade policy.
Response of the Government of Mexico:
President Sheinbaum mentioned that a bilateral working group has been established to address the threat of tariffs. He expressed hope that an agreement with the U.S. can be reached by August 1 to avoid the imposition of tariffs. He also noted that a “practically finished” security agreement has already been coordinated with the United States through the State Department.
Sheinbaum emphasized that products covered by the USMCA currently face no tariffs, while those outside this agreement are subject to tariffs of up to 25%.
USMCA Revision
The Mexican Secretary of Economy, Marcelo Ebrard, stated that the scheduled review of the USMCA will commence in October 2025 and is anticipated to conclude on July 1, 2026.
Ebrard indicated that the Mexican government will define its position and specific proposals in the coming weeks or months.
Termination of the Suspension Agreement on fresh tomatoes from Mexico
On July 14, 2024, the U.S. Department of Commerce announced the termination of the Agreement to Suspend the Anti-Dumping Investigation on Fresh Tomatoes Imported from Mexico. Consequently, definitive anti-dumping duties will be imposed at a rate of 17.09% on these Mexican imports. This decision marks the end of a mechanism that has been in place for 27 years, sustained through five successive suspension agreements signed in 1996, 2002, 2008, 2013, and 2019. Although this action is technically an anti-dumping measure, Secretary Lutnick stated that this decision also responds to trade policy considerations:
“This rule change is in line with President Trump’s trade policies and approach with Mexico.”
Updated August 5, 2025
Following the U.S.-China economic and trade talks held in Sweden from July 28 to 29, 2025, the suspension of the 24% reciprocal tariffs imposed by the U.S. and China’s retaliatory tariffs has been extended for an additional 90 days.
Updated July 11, 2025
Since May 13, 2025, China has refrained from introducing any new sanctions or regulatory measures against the U.S. In fact, some previously imposed sanctions and restrictions have been eased. However, China’s stance remains largely cautious and restrained, in contrast to the more explicit assurances reportedly made by Trump.
On May 12, 2025, following the U.S.-China economic and trade talks held in Geneva, China announced its commitment to suspend or lift certain retaliatory tariffs on U.S. goods that had been in place since April 4, 2025.
Additionally, China agreed to suspend or remove non-tariff countermeasures against the U.S. that were introduced starting April 2, 2025. For U.S. entities added to China’s Export Control List or Unreliable Entity List on April 4 and April 9, 2025, the related sanctions were suspended for 90 days, effective May 14, 2025, allowing Chinese companies to apply for licenses to conduct transactions with these entities.
Between June 9 and 10, 2025, the U.S.-China economic and trade talks held further discussions in London. As a result, China committed to reviewing export license applications for rare earth-related items in accordance with laws and regulations and export licenses will be granted based on “reasonable needs”. It’s reported that China has granted export licenses for rare earth materials to suppliers of certain U.S. automakers. However, since the meeting of the Chinese National Export Control Coordination Mechanism Office in Shenzhen on May 9, 2025, Chinese customs authorities have intensified enforcement against exports of goods containing rare earth elements. These enforcement measures have not yet been relaxed.
Updated August 1, 2025
U.S. Tariffs on Canadian Goods Increase From 25% to 35%.
U.S. executive order Amendment to Duties to Address the Flow of Illicit Drugs Across our Northern Border increases the previous 25% tariff on Canadian goods to 35% effective August 1, 2025. Additionally, any goods determined to have been transshipped to evade the tariffs will be subject to 40% tariffs. The tariff rate on energy resources and critical minerals from Canada remains at 10%, and products that qualify as CUSMA-compliant also remain exempt.
Updated July 11, 2025
Since May 13, 2025, Canada has taken the following measures:
To continue trade negotiations, announced that it would rescind the Digital Services Tax Act, which imposes the digital services tax. The first payment deadline of June 30, 2025 was cancelled.
To prevent diversion, implemented temporary new tariff rate quotas for steel mill products imported into Canada from non-free trade agreement (FTA) partners, effective June 27, 2025. Subject products have been added to the Import Control List.
Updated August 5, 2025
Last Thursday, July 31, 2025 , the United States Court of Appeals for the Federal Circuit heard arguments regarding whether President Trump has the authority to impose the across the board tariffs he has put in place. Although that court stayed the International Court of Trade’s ruling against the President, a number of the judges questioned the President’s claimed authority to impose the tariffs. Others seemed inclined to agree that he has the authority he claims. It is impossible to know when that court will rule, but the accelerated schedule for the argument might suggest an early ruling, perhaps within a month. The losing side will almost certainly seek review by the Supreme Court. If the Supreme Court were to invalidate these tariffs, the President would have to pursue other ways to impose the tariffs he has negotiated. And, the federal government might have to refund the unauthorized tariffs. All of this means that the uncertainty regarding the tariffs will continue.
Updated July 11, 2025
On May 28, 2025, the International Court of Trade ruled that President Trump lacked the authority to impose the tariffs that had been imposed under the International Emergency Economic Powers Act of 1977 (“IEEPA”). These included the worldwide 10% tariffs as well as the increased China specific tariffs. That court rules that IEEPA did not authorize any of these tariffs.
The Federal Circuit Court of Appeals has stayed the ruling of the International Court of Trade for the time being. But it has scheduled arguments before the full court on July 31, 2025. It is not clear when a ruling will emerge. But it could come sometime in August or later. The stay that preserves the existing tariffs will remain in place at least until the Federal Circuit rules.
Updated July 14, 2025
In the months immediately following President Trump’s decision to suspend the imposition of “reciprocal tariffs” up to 50% on the United States’ major trading partners until July 9, 2025 (later extended to August 1, 2025), US importers and trading partners enjoyed some relative stability, as they were able to factor in a blanket 10% reciprocal tariff. However, as this deadline has neared, President Trump has sent letters to numerous US trading partners, threatening to reimpose higher reciprocal tariffs, sometimes at rates different from and higher than those originally announced on April 2, 2025 (i.e., “Liberation Day”).
In the weeks leading up to this deadline, many US trading partners have been seeking to reach trade agreements with the United States to prevent the reimposition of these higher tariffs, but this process has proven to be difficult. Countries like China, United Kingdom, India, Malaysia and Vietnam and South Korea have all publicly discussed their negotiations with the United States, and a few – most notably China, the United Kingdom, and Vietnam – have announced that limited trade agreements or frameworks had been reached. But in the weeks following those announcements, the lack of formal documentation, and even suggestions of differences in understanding as to the deal reached, suggest that even these agreements may not be final.
This post provides an overview of recent announcements to President Trump’s reciprocal tariff program, and the negotiations underway to mitigate the tariff impact.
Updated TBD
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