Kathmandu. US President Donald Trump’s announcement to impose a 25 percent tariff on imports from Canada and Mexico has warned that it will negatively impact US homeowners and auto insurance.
AM Best, a credit rating agency focused on the insurance industry, has warned that the planned tariffs on imports from Canada and Mexico and increased tariffs in China are likely to negatively impact the insurance industry.
According to AM Best, President Trump’s administration imposed a 25 percent tariff on imports from Canada and Mexico on March 4, 2025. This was followed by a one-month relief for US auto manufacturers.
Reports indicate that talks for a possible agreement are ongoing. Tariffs on Chinese imports are set to increase by 10 percent above the previously announced level.
Since Canada, Mexico, and China are the United States’ largest trading partners, the economic impact of these measures could be long-term. Source: AMWest
