Trading Thoughts Blog
Permanent link for Trump's Newest Tariffs on Canada, Mexico, and China: What It Means for U.S. Trade and Consumers on February 3, 2025
On February 1, 2025, President Donald J. Trump announced the imposition of new tariffs on imports from Canada, Mexico, and China, citing national security concerns related to illegal immigration and drug trafficking. The measures include a 25% tariff on imports from Canada and Mexico, with a reduced 10% tariff specifically on Canadian energy resources, and a 10% tariff on imports from China. - whitehouse.gov
As of February 3, the 25% additional tariffs on Mexico imports have been put on hold for 30 days due to current talks. – Reuters.com
Trade Volume with Canada and Mexico
According to data from the U.S. Census Bureau, in the first ten months of 2024, the United States engaged in substantial trade with both Canada and Mexico. Total trade with Canada amounted to approximately $699.6 billion, with U.S. exports to Canada totaling $322.4 billion and imports from Canada at $377.2 billion. - census.gov
In the first three quarters of 2024, goods and services worth approximately US$600 billion crossed the U.S.-Canada border. When including trade in services, this figure rises to US$683 billion., with nearly US$350 billion in goods and services exported to Canada during this period. This data underscores Canada's position as a key trading partner for the U.S. - economics.td.com
In the first ten months of 2024, according to data from the U.S. Census Bureau, trade with Mexico was even more significant than with Canada, totaling around $776.0 billion. U.S. exports to Mexico were valued at $309.4 billion, while imports from Mexico reached $466.6 billion. - census.gov
Regarding Mexico, in 2023, the U.S. imported goods and services valued at $530 billion and exported $367 billion to Mexico. The machinery and equipment manufacturing sector, which includes automotive and parts, accounted for $193 billion of U.S. imports from Mexico, while electronics manufacturing contributed $119 billion. These two sectors also represented significant portions of U.S. exports to Mexico, totaling $67 billion and $65 billion, respectively. - scotiabank.com
These statistics illustrate the critical importance of Canada and Mexico in U.S. trade dynamics, reflecting the extensive economic ties that have been fostered over the years.
China's Response
In response to the U.S. tariffs, China's Ministry of Commerce condemned the action, announced plans to file a legal case against the U.S. at the World Trade Organization, and stated that China "will take corresponding countermeasures to firmly safeguard its rights and interests." - fmprc.gov.cn
Global Economic Implications
The announcement of these tariffs has led to significant reactions in global markets. Major stock indices have experienced declines, and there is heightened concern about potential disruptions to international trade and economic growth. - theguardian.com
Economists and industry leaders have expressed concerns that the newly imposed tariffs could lead to increased costs for consumers and businesses, potentially contributing to higher inflation and affecting employment in industries reliant on international trade. A model gauging the economic impact of President Trump's tariff plan from EY Chief Economist Greg Daco suggests it would reduce U.S. economic growth by 1.5 percentage points this year, potentially ushering in "stagflation"—high inflation, stagnant economic growth, and elevated unemployment. - reuters.com
Additionally, North American companies are preparing for the effects of these tariffs, which threaten to disrupt numerous industries, including automotive, consumer goods, and energy, leading to increased costs and potential production delays. Industry leaders express concerns over increased costs for consumers and possible supply chain disruptions. The tariffs could harm industries on both sides of the border, affecting auto manufacturing, fuel, and consumer goods sectors. - reuters.com
The tariff situation is consistently evolving. Discussions are ongoing among the involved nations and within the global economic community regarding the potential impacts and future developments related to these trade measures. GVSU’s Van Andel Global Trade Center will continue to post updates as they occur.
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Automotive
China
Export
Import
Tariffs
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Permanent link for Trump's Newest Tariffs on Canada, Mexico, and China: What It Means for U.S. Trade and Consumers on February 3, 2025.
Permanent link for GVSU to host 25th symposium for area automotive suppliers on February 26, 2024
FOR IMMEDIATE RELEASE
February 26, 2024
Contact: GVSU University Communications
[email protected]
(616) 331-2221
GRAND RAPIDS, Mich. — Navigating industry difficulties and challenges will be the main topic of the 25th Michigan Automotive Suppliers Symposium, hosted by Grand Valley State University’s Van Andel Global Trade Center.
The symposium, with the theme of “Momentum Matters,” will be held at the DeVos Center, Loosemore Auditorium, on the Pew Grand Rapids Campus on Thursday, March 7, from 8:00 a.m.-noon.
"The annual symposium offers the chance to hear crucial insights as businesses realign with the constantly changing fast-paced automotive sector,” said Sonja Johnson, executive director, of the Van Andel Global Trade Center. “Listen to industry experts and how they are maintaining momentum as they navigate challenges in the requirements to meet government standards, and customer needs while juggling a complex supply chain and how recent issues such as labor strikes have impacted the auto industry.”
Speakers include two GVSU alumni. Alejandra Lorenzo, who works for Stellantis North America as a supplier diversity program manager, graduated in 2014. Lorenzo is an expert in supplier diversity, risk management, project management, pre-production and international launches. Lorenzo will give the keynote presentation, “Supplier Diversity: Direct and Tangible Benefits to Create a Stronger, More Resilient Supply Chain.”
GVSU graduate Mike Wall will present “The Road Ahead: Navigating the Winding Roads of the Auto Industry,” as an industry outlook. Wall earned a bachelor’s degree in finance and now has over 20 years of expertise. As executive director of automotive analysis at S&P Global Mobility, Wall will provide an in-depth analysis of vehicle markets and technology trends.
Other sessions include a fireside chat with Munro & Associates; and a Tier 1 Supplier Panel with representatives from Pridgeon and Clay, Inc.; ADAC Automotive; Lacks Enterprises; and Warner Norcross + Judd LLP.
Each year since 1999 the Van Andel Global Trade Center has hosted more than 25 international business events in Michigan and worked with a broad variety of community partners & corporate sponsors to provide the international business community with the business training and international resources it needs to succeed on the global stage.
For more information on this event, visit the Van Andel Global Trade Center website.
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Automotive
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Permanent link for GVSU to host 25th symposium for area automotive suppliers on February 26, 2024.
Permanent link for The 23rd Michigan Automotive Suppliers Symposium on February 28, 2022
written by Caleb Holland
The Michigan Automotive Suppliers Symposium is a yearly event bringing together business owners, senior management, and decision-makers from all tiers of the automotive industry. This premier automotive supplier event provides the most up-to-date industry forecasts, latest issues, and trends, with opportunities to network and learn from others in the increasingly challenging and ever-changing industry of automotive.
The 23rd Michigan Automotive Suppliers Symposium happening on March 10, 2022, in Grand Rapids, Michigan paints the picture of what a modern auto industry is. Guest speakers from five organizations will take the stage to offer diverse perspectives on what is going on in the auto industry currently and will discuss their projections for the future. A new age of auto is upon us, so buckle up and enjoy the ride.
General Motors
The Automotive industry is headed into what could be the largest shift in automotive technology: The shift from fuel to battery. Electric vehicles are starting to hit the market at a rapid rate, and by 2050, they are expected to make up 60% of new car sales. One company, located in the heart of Michigan's automotive industry is beginning to transform its market to stay ahead of the industry. General Motors has pledged a transition to electric vehicles. Over 50% of their spending will be dedicated to these models of the future. By 2025, their goal is to have 30 EV options launched globally with T available in North America. Speaking for GM at the 23rd Michigan Automotive Suppliers Symposium is David Leich, Executive Director of Global Supply Chain at General Motor. He is equipped with over 30 years of experience in the automotive industry and his expertise will complement his reports on GM’s current position in the global market as well as where they are headed in this ever-changing industry.
Learn more about General Motors
IHS Markit
IHS Markit analysts have similar ideas about this new age of vehicles. With extensive forecasts of the driving industry, they predict the introduction of electric cars will create a domino effect in other industries. Gas stations will become obsolete; instead, charging ports can be installed at entertainment sites and shopping centers. The world of transportation will be cleaner and faster with this innovative technology. Mike Wall, a Grand Valley State University Alumni, will be speaking on the behalf of IHS Markit and will give his analysis of the automotive industry, first-hand.
HYZON Motors
Hydrogen is a key component in creating water, but Hyzon Motors has discovered many more of its capabilities. Their technology is based on complete hydrogen power. Hydrogen can be converted to electricity which, in turn, creates power for commercial vehicles and marine equipment. Jay de Veny, from the Hyzon group in Troy, Mi, has been working to execute the company's visions and create products that could change the course of the industry.
DRiV Inc. a division of Tenneco
Adam Kochenderfer has been working with DRiV Inc. to provide a strategic progression for their values and quality of products. As an industry leader in aftermarket and original equipment manufacturing, it is critical for Driv Inc. to use innovation to remain on the command post of the industry. Automobile parts manufacturing is dynamic and diverse, and Adam has the solutions to make their visions possible.
Learn more about DRiV Inc. a division of Tenneco
Warner Norcross + Judd
The stumbling blocks of the law are no problem for Warner Norcross + Judd. They are the epitome of the modern law firm by combining the latest technology with their tried and true law practices. Extranets and video technology allow the firm to assist clients in the same secure way as meeting in person. With changing automotive technology comes changing laws, but Warner Norcross + Judd has the compass to navigate its challenges. Michael Brady will communicate how they have been backing the automotive industry as it goes through its new-age transformation.
Learn More about Warner Norcross + Judd
Join us on March 10th for a morning of networking and automotive discussions! Register here!
This event is generously title sponsored by: Plante Moran
Along with our 2022 Symposium Sponsors: ArtiFlex, Chase Bank, Corrigan Air & Sea, IHS Markit, Michigan Economic Development Corporation, Morrison Industrial Equipment, The Right Place, and Warner Norcross + Judd
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About the Author
Hello! I am Caleb Holland and I am a freshman student assistant at the Van Andel Global Trade Center. I am currently studying marketing and advertising at Grand Valley and plan to pursue a career at an advertising agency. When I am not working or studying I enjoy running, swimming boating, and spending time with friends. VAGTC has provided me with great opportunities and I am excited to see what more I will accomplish here!
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Automotive
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Permanent link for The 23rd Michigan Automotive Suppliers Symposium on February 28, 2022.