Truck Tariffs to Take Effect, With Mexico and Canada Sharing Brunt of Impact

Starting Nov. 1, the United States will impose a 25 percent tariff on imports of medium- and heavy-duty trucks, impacting billions in imports from Mexico and Canada. Of the $12 billion in U.S. imports of medium- and heavy-duty trucks in 2024, Mexico ($5.9 billion) and Canada ($3.3 billion) led the way and accounted for 48 percent and 27 percent of total imports, respectively. The United Kingdom and Japan each contributed 8 percent to the overall import share, according to official trade data. The new truck tariff is “good for Paccar’s customers, as it will reduce tariff costs and bring clarity to the market,” Preston Feight, CEO of U.S. truck manufacturer Paccar, said at a recent earnings call....