On Tuesday, March 4, 2025, President Donald J. Trump gave his first speech to a joint session of Congress. He talked about his trade policy and the tariffs – 25% on Canda and Mexico and an additional 10% on China – that went into effect Tuesday. He also said he would continue with his plans for reciprocal tariffs on other countries.
The tariffs situation has been extremely fluid, with warnings and delays for Canada and Mexico before the tariffs went into effect and then pausing some again until April 2 (Canadian and Mexican imports that fall under the United-States-Mexico-Canada Agreement (USMCA)). China, Mexico and Canada have all announced retaliatory tariffs.
President Trump has moved at a breakneck pace since his inauguration, announcing nearly 100 executive orders, with other notable ones aimed at immigration and energy. While a Republican-controlled Congress gives President Trump momentum to push through key aspects of his policy agenda, including tax policy reform and a move toward deregulation, narrow majorities in Congress make it harder for him to make sweeping bold reforms. And the rapid pace of action in his first few weeks in office has prompted some uncertainty and market volatility.
Executives will want to sort through the president’s first moves and digest what he said in his speech to get a sense of what may be next, where to find opportunity and how to mitigate risk. Learn more about the administration’s policy changes, what it means for business and how you can prepare. Check back for updates.
President Trump paused tariffs on Canadian and Mexican imports compliant with the USMCA until April 2.
President Trump granted a one-month exemption for the three US automakers from the tariffs imposed on Canada and Mexico.
The president’s 25% tariffs on Canada and Mexico and the additional 10% tariff on China went into effect.
“We can expect a lot of change with the new administration, and that means both risk and opportunity. The best thing to do is to prepare, prepare, prepare. Be proactive and agile and think about who across your company you might need to work with to take advantage of what’s coming.”
Kathryn Kaminsky, Chief Commercial Officer, PwCPutting policy in context to power your business.
What’s top of mind for the C-suite with the new administration?
