• Costco and the Teamsters union have reached a tentative deal to avoid a strike.
• Costco Teamsters represents 18,000 workers nationwide who were ready to walk off the job.
• The deal will now be presented to the union's membership for a vote, a Teamsters spokesperson told BI.

Costco and the Teamsters union have reached a tentative agreement to avoid a strike, the union told Business Insider.

The union said the deal would now go to its membership for a vote and that further details would follow.

Costco Teamsters represents 18,000 workers nationwide who were ready to walk off the job after their contract expired at 11:59 p.m. PT Friday.

On January 19, Costco's unionized workers "overwhelmingly" voted in favor of a strike in their strike authorization vote, which received 85% support among those who voted. In a press release at the time, Costco Teamsters accused the company of failing to "bargain constructively" and propose a contract that "reflects the company's record-breaking profits."

"The Costco Teamsters National Negotiating Committee has reached a tentative agreement for a new contract. Additional details will be shared soon. The tentative agreement will be presented to the membership for a vote," the union, Teamsters, said in a statement.

Matt McQuaid, a Teamsters spokesperson, told BI on Friday morning that the outstanding issues at the bargaining table were wages, pensions, and increased protections of union rights.

"The Teamsters are committed to securing a fair and reasonable agreement but are prepared to take action if the wholesale giant fails to deliver," the union previously said in a social media post.

Ahead of Friday's strike deadline, Costco announced in a memo that its next Employee Agreement, which is set to go into effect in March and covers nonunion workers for three years, would include successive pay raises that push compensation to over $30 an hour for workers at the top of its pay scale.

Costco did not immediately respond to a request for comment from Business Insider, which was made outside regular working hours.

• Trump signed an executive order to implement tariffs on Mexico, Canada, and China.
• He has been threatening the tariffs on the three countries and others for months.
• Canada and Mexico have vowed to impose retaliatory tariffs against the US.

Canada and Mexico have hit straight back at President Donald Trump's latest tariffs, vowing to impose retaliatory levies on the US.

Canadian Prime Minister Justin Trudeau announced Saturday that Canada would impose 25% tariffs on C$155 billion (around $106 billion) of US goods, some of which will go into effect on Tuesday and others in three weeks' time.

Mexico's President, Claudia Sheinbaum, said in a post on X that she had also ordered retaliatory tariffs.

"I instruct the economy minister to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico's interests," she wrote.

The Trump administration said Saturday it had imposed a 25% tariff on goods from Canada and Mexico and a 10% tariff on China. On Sunday, the president reacted to Canada's retaliation, saying it would "struggle to exist" without US subsidies.

"We pay hundreds of Billions of Dollars to SUBSIDIZE Canada. Why? There is no reason. We don't need anything they have," Trump wrote in a post on Truth Social.

China's Ministry of Commerce, meanwhile, accused the United States in a statement released Sunday of violating World Trade Organization rules with the tariff.

The ministry said China would file a lawsuit with the WTO against the United States and take "corresponding countermeasures to firmly safeguard its own rights and interests."

Economists expect many firms to pass increased costs caused by tariffs onto customers, and several companies have already said they are preparing to raise prices in response. Electronics, groceries, and apparel are among the most likely products to see price increases.

The White House said the tariffs will work to deliver Trump's campaign promises. Regarding his proposed first round of tariffs, an official told Business Insider that "Trump has been clear about his desire to end the fentanyl crisis, and it's time for Mexico and Canada to join the fight as well." Trump has said a tariff on China would also help fight the fentanyl problem.

Here are all the countries Trump has targeted with his trade proposals so far.

China

China was a key focus for tariffs on the campaign trail. While campaigning, Trump proposed a 60% tariff on all goods imported from China, alongside a 10% to 20% tariff on imports from other countries.

Once Trump took office, though, his ideas for tariffs on China appeared to narrow. On January 21, he suggested a 10% tariff on imports from China into the United States beginning on February 1 "based on the fact that they're sending fentanyl to Mexico and Canada."

The Trump administration cited the fentanyl crisis on Saturday as the impetus for the new tariffs.

China is a major electronics supplier to the United States, so cellphones, computers, and games could get more expensive.

Mao Ning, a spokesperson for China's Foreign Ministry, told reporters on January 22: "We believe that there's no winner in a trade or tariff war, and we will firmly uphold our national interests."

Canada and Mexico

The new tariffs make good on an earlier threat Trump posted in November on his social media platform, Truth Social. He indicated at the time that he would impose tariffs on those two countries on his first day in office if they didn't strengthen their border policies.

The US imports many key goods from both Mexico and Canada. Americans receive $92 billion in crude oil from Canada, as well as billions of dollars worth of vehicles and vehicle parts. In addition to car parts, Mexico also supplies $25 billion worth of computers to the United States.

Russia

Trump said on January 22 that he would place tariffs on imports from Russia if the country did not end the Ukraine war soon.

"If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries," Trump wrote on Truth Social.

According to Census data, the US imported $4.57 billion worth of goods from Russia in 2023, which made up just 0.14% of total imports that year. Given how little the country exports to the United States, consumers would probably see few effects if a tariff on Russia was implemented.

Colombia

After Colombia's president turned away two flights from the US that carried deported migrants, Trump threatened the country with a 25% tariff. He said that in one week, the Colombia tariff would be raised to 50%.

"We will not allow the Colombian Government to violate its legal obligations with regard to the acceptance and return of the Criminals they forced into the United States!" Trump said on Truth Social.

Colombia's president Gustavo Petro responded in a statement that his country would receive Colombians "on civilian planes, without treating them like criminals." The White House then withdrew its threat but warned it could be reinstated if Colombia failed to honor its agreement.

Key goods the US imports from Colombia include coffee and bananas, which would likely get more expensive under tariffs.

BRICS nations

On November 30, Trump posted on Truth Social that he would impose a 100% tariff on the BRICS group unless they committed to not creating a separate currency that competes with the US dollar.

BRICS consists of nine countries: Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran, and the United Arab Emirates.

Pharmaceutical preparations, crude oil, and household goods are the top imports from countries in the BRICS group, excluding China. The Trump administration did not announce any tariffs on the BRICS nations on Saturday.

Denmark

Trump said during a press conference on January 7 that he would "tariff Denmark at a very high level" if the country didn't agree to cede control of Greenland, an autonomous Danish territory, to the United States.

The president has not offered further details on that claim, nor have any such tariffs been implemented. The Financial Times reported that Trump and Denmark's premier, Mette Frederiksen, had a call to discuss the threat, during which  Frederiksen reportedly emphasized that Greenland was not for sale.

The US primarily imports medicinal products and machinery from Denmark.