China’s exports to developing markets have soared, opening indirect routes to the U.S. market that officials in Beijing worry may be closed under pressure from President Trump.

Canada and Mexico A 25% import tariff on goods from Mexico and Canada took effect March 4, with an exception for energy products and potash, which received a 10% tariff. The next day, the Trump administration suspended those tariffs until April 2 for autos eligible for duty-free trade under the U.

Commercial real estate developers expected a rebound in 2025. Instead, tariffs have driven up costs and drained optimism.