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On Saturday Feb. 1, President Donald Trump issued three executive orders (EOs) to impose tariffs on imports from China, Mexico and Canada effective 12:01 a.m. eastern time on Feb. 4, 2025.
- The EO targeting China imposes a 10% tariff on all goods. It applies on top of the existing tariffs on a range of specific goods imported from China that were imposed during President Trump’s first term as well as during the Biden administration.
- The EO targeting Canada imposes a 25% tariff on all imports other than energy resources, which are subject to a 10% tariff.
- Energy resources that are covered by the 10% rate include: crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water, and critical minerals, as defined by 30 U.S.C. 1606 (a)(3), and as otherwise included in the Federal Register notice.
- The EO targeting Mexico imposes a 25% tariff on all imports.
Additionally, under the EOs, all Chinese, Mexican and Canadian imports will be ineligible for “de minimis” treatment, which allows imports valued at $800 or less to enter the United States duty-free.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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