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Trade Tensions and Tariffs: Who Bears the Cost in These Shifting Trade Patterns?
January 21, 2025 | Shawn DuBravac, IPCEstimated reading time: 1 minute

During his 2024 presidential campaign, President Donald Trump suggested imposing a universal tariff of at least 10% on all imports, as well as a 60% tariff on goods originating from China. More recently, he proposed implementing blanket tariffs of 25% on all products imported from Canada and Mexico and adding a further 10% tariff to all existing duties on Chinese imports.
These potential measures emerge against a backdrop of shifting trade patterns. In 2023, Mexico surpassed China as the United States’ top source of imported goods for the first time since the early 1990s, helping make Mexico the leading U.S. trading partner, followed by Canada and then China.
These key U.S. trading partnershave signaled the possibility of retaliatory measures in response to higher U.S. tariffs. Such signals underscore escalating trade tensions and reflect how economic tools are being used to address broader issues, including geopolitical rivalry, supply chain disruptions, and market competitiveness.
The specifics of any additional tariffs—when they would be implemented and which goods they would cover—remain uncertain. Their potential impact is also unclear. However, research on previous tariff increases suggests negative consequences not only for trade volumes but also for businesses.
Read the rest of this article in the Winter 2025 issue of IPC Community.
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IPC Update on the Latest U.S.– China Trade Announcement
06/18/2025 | IPCOn June 12, the Trump Administration announced an agreement to implement the framework of the trade deal with China reached earlier in May. Reports indicate the following high-level terms: A 55% combined tariff on imports from China, 10% “reciprocal” tariffs under the International Emergency Economic Powers Act (IEEPA), 20% IEEPA-based fentanyl tariffs, and Existing Section 301 tariffs, which in many cases are 25%.
The Government Circuit: From Tax Policy to Tariffs, Denver to Delhi, Speaking Up for Electronics
06/18/2025 | Chris Mitchell -- Column: The Government CircuitI had the privilege of attending the June 3 opening ceremony of AT&S’s HTB3 facility in Leoben, Austria—a milestone moment for Europe’s electronics ecosystem. HTB3 is now the first and only facility in Europe capable of both developing and producing high-performance IC substrates—the advanced platforms that allow powerful chips to connect, process, and function. As demand for AI, 5G, and other cutting-edge technologies grows, so too does the need for sophisticated substrates like those HTB3 will produce.
Tariff Effects and China Subsidies Soften 1Q25 Downturn; Foundry Revenue Decline Narrows to 5.4%
06/09/2025 | TrendForceTrendForce’s latest investigations find that the global foundry industry recorded 1Q25 revenue of US$36.4 billion—a 5.4% QoQ decline. The downturn was softened by last-minute rush orders from clients ahead of the U.S. reciprocal tariff exemption deadline, as well as continued momentum from China’s 2024 consumer subsidy program.
Tariffs: Hope for the Best, Plan for the Worst
06/04/2025 | I-Connect007 Editorial TeamPaul Krugman received the Nobel Prize for Economics in 2008 for his work in economic geography and identifying international trade patterns. In April, he told the Goldman Sachs Exchanges podcast1, “The secret sauce of the Trump tariffs is that they are extremely uncertain. Nobody knows what they will be. Nobody knows what comes next. Now, if you’re a business trying to make plans, would you want to invest under those conditions?”
Nolan’s Notes: Moving Forward With Confidence
06/03/2025 | Nolan Johnson -- Column: Nolan's NotesWe’re currently enjoying a revitalized and dynamic EMS provider market with significant growth potential. Since December 2024, the book-to-bill has been extremely strong and growing. Starting with a ratio of 1.24 in December, book-to-bill has continued to accelerate to a 1.41 in April. Yet, there is a global economic restructuring taking place. To say that the back-and-forth with tariffs and trade deals makes for an uncertain market is an understatement. While we may be in a 90-day tariff pause among leading economic nations, the deadline is quickly approaching and that leaves many of you feeling unsettled about what to expect.