President Trump's trade agenda for 2025 is indeed shrouded in uncertainty. His recent order imposing tariffs on Mexico, Canada, and China has been partially deferred, with tariffs on Mexico and Canada delayed by a month. This move may be a bargaining chip to negotiate other issues with these countries. If implemented, these tariffs would significantly raise the average effective tariff rate in the US, surpassing levels not seen since 1900. This would mark a dramatic shift in both trade and tax policy, with far-reaching implications for the US economy.