The U.S., Switzerland, and Liechtenstein have agreed on a trade framework with 15% tariffs to boost exports, investment, and U.S. jobs. Update: USTR’s Federal Register notice makes certain tariff reductions retroactive to 12:01 a.m. ET, November 14, 2025. CBP issued guidance on applying the modified rates under the trade framework.
GHY reflects on a year of resilience, collaboration, and growth, celebrating the integration of W.G. McKay and the dedication of clients, partners, and associates. We also highlight our support for local communities in Canada and the USA and extend warm holiday wishes to all.
Canada has introduced measures to support its steel and lumber industries, including a 25% tariff on certain steel products, reduced freight rates, homebuilding initiatives, and financial aid. On December 12, 2025, steel TRQs under item 82 were updated. The Q3 period starts December 26, with permit applications accepted 15 days prior.
Canada launched public consultations on four free trade agreement negotiations with India, the United Arab Emirates, Thailand, and Mercosur. The consultations support Canada’s export diversification strategy and invite businesses and stakeholders to shape negotiating priorities through submissions open until January 27, 2026.
Canada has updated the U.S. Surtax Remission Order, extending relief on eligible steel, aluminum, and motor vehicle or aerospace goods. Remission now covers imports for manufacturing, processing, food and beverage packaging, agricultural production, health care, public safety, and national security, with revised deadlines through July 1, 2026, and some goods having no import time limit.
U.S. Customs and Border Protection announced 2026 tariff rate quotas for various products, including food, agricultural, brooms, apparel, and preferential goods. The quota period runs from January 1, 2026, to December 31, 2026, and quotas include specific limits and minimum access quantities for certain countries.
Canada will impose 25% tariffs on steel derivative products starting December 26, 2025. The list includes structural components, wires, fencing, chains, fasteners, springs, furniture, lighting, and prefabricated buildings. Certain exemptions apply, and importers can request tariff remission if goods cannot be sourced domestically or if economic harm would result.
The USTR has announced Section 301 tariffs on Nicaraguan imports due to labor rights, human rights, and rule of law concerns. Effective January 1, 2026, tariffs will phase in over two years for goods not originating under the CAFTA-DR agreement, starting at 0% in 2026 and increasing to 15% by 2028. These measures will stack with existing trade remedies, including the 18% Reciprocal Tariff. Importers should review CAFTA-DR eligibility and plan for compliance with new trade regulations.
U.S. Section 232 tariffs on timber, lumber, furniture, and cabinets take effect on October 14, 2025, with specific rates, exceptions, and trade partner caps outlined. Updated: upholstered wooden furniture will see its tariff increase to 30%, and kitchen cabinets and vanities will rise to 50%, effective January 1, 2026.
The U.S. Trade Representative is requesting public comments on USMCA automotive rules to inform its third biennial review. Feedback will address compliance, regional value content, labor and material requirements, enforcement, and relevance to new technologies, including electric vehicles. Comments are due by January 7, 2026, via the USTR portal.
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