On Saturday, the White House announced that the United States will be imposing a 10% tariff on all imports from China and 25% tariff on imports from Mexico and Canada, with energy imports from Canada taxed at 10%. President Donald Trump used emergency powers under the International Emergency Economic Powers Act of 1977 (IEEPA) to authorize the taxes, citing the “extraordinary threat posed by illegal aliens and drugs” and saying they would remain in place until the crisis is alleviated. The tariffs were scheduled to effect at 12:01am ET on Tuesday; however, on Monday, President Trump said he would pause the tariffs on Mexico for one month after Mexican President Claudia Sheinbaum said she would send 10,000 soldiers to the U.S.-Mexico border to target drug trafficking.

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