President Trump announced plans to impose a 10% tariff on imports from China starting February 1, citing the importation of fentanyl as justification. This aligns with his earlier statements about implementing tariffs on Canada and Mexico. While initially promising an executive order, he opted for a memorandum directing federal agencies to assess U.S. trade policy, with recommendations due by April 1. The potential tariffs could provoke retaliatory measures from affected countries and negatively impact U.S. consumer spending and businesses operating abroad.

Source: https://www.supplychaindive.com/news/trump-tariffs-feb-1-china-canada-mexico/737965/