Norton Rose Fulbright LLP Primer on Tariffs

Lawyers from law firm Norton Rose Fulbright LLP have put together a primer on tariffs.

"On November 25th, President-elect Trump pronounced via social media that he plans to impose a 25% tariff on all products imported into the United States from Canada and Mexico, among other countries, as one of his first executive orders on January 20, 2025. This would have a significant impact on the Canadian economy, as the US accounts for about 75% of all Canadian exports. This announcement came after a number of campaign promises by President-elect Trump that he would impose trade measures and tariffs on goods entering the US if he was elected."

"In response to these potential measures, Norton Rose Fulbright has established a US/Canada cross-border trade law task force made up of trade lawyers in its Canadian and US offices to advise on current and future international trade measures adopted in Canada and the US that will have an important impact on our clients’ supply chains and business models."  

"At the time of publication, President-elect Trump has not announced any details on the potential tariffs being imposed on Canada or any other country.  While we wait for details, the cross-border trade law task force provides the following primer on tariffs and how they work based on how tariffs have been imposed by the US and Canada in the past."

The primer covers questions such as:

• What are tariffs?
• Who pays tariffs and who collects them?  
• How are tariffs calculated?  
• Can I avoid tariffs by declaring that their value is $0?  
• What are the current tariffs paid at the US border for Canadian goods?
• President-elect Trump has threatened to impose a 25% tariff on Canadian imports: this section of the primer has many, many sub-sections
• What are some other measures President-elect Trump might impose on Canadian goods and services?  
• What else should I keep in mind when importing/exporting goods between Canada and the US?

I certainly plan on reading the whole thing. 

Because we all know the topic is going to come up in conversations over the next months with colleagues, family, friends, random acquaintances at the coffee shop and Costco and the dog park and the skating rink, your letter carrier, your doctor, your pharmacist, the bus driver, the car mechanic, etc.