Key takeaways
- GASB 103 and GASB 104 are now in effect for FY 2026 financial statements, requiring tribes to update how certain financial information is presented and disclosed.
- GASB 103 brings new reporting and classification requirements, including narrower definitions of nonoperating items in proprietary funds, a new category for non-capital subsidies, streamlined MD&A requirements and a single reporting category for unusual or infrequent items.
- GASB 104 increases transparency around capital assets by requiring separate disclosures for lease assets, subscription-based IT arrangements (SBITAs), certain intangible assets and assets held for sale.
New tariffs and countermeasures come as the U.S., Mexico and Canada negotiate the renewal of the USMCA, the free trade agreement which replaced NAFTA on July 1, 2020. These developments bring significant implications for manufacturers, as they face further disruption to sourcing and cost increases.
Here’s an overview of the latest Canada retaliatory tariffs and how your business can respond:
What are the Canadian tariffs on U.S. goods?
On August 25, 2026, the government of Canada announced that effective September 8, 2026, Canada will impose 15%, 25% and 50% counter tariffs on products from the U.S. (at the 8-digit HTS Canadian level), with individual rates based on the matching U.S. tariff for the same goods.
Canadian retaliatory tariffs will apply to products covering $19.9 billion USD ($27.6 billion CAD) in imports from the U.S., including:
- Steel
- Tooling
- Dies
- Dairy
- Appliances
- Agricultural equipment
- Pulp and paper
- Electronics
The move by Canada follows the U.S. imposing tariffs of 50% on over 500 products, covering roughly $20 billion USD ($27.6 billion CAD), or about 5% of U.S. imports from Canada, that took effect at 12:01 a.m. ET on August 22, 2026.
What Canadian products are affected by the new tariffs?
The list of Canadian imports affected by the new tariffs includes a wide range from dairy, wood and paper products to hand tools, and parts of machinery and appliances. The U.S. indicated that it will expand its tariff action to cover additional goods should Canada move forward with tariffs on the U.S. on September 8, 2026.
The imports from Canada currently subject to Section 338 tariffs of 50% include:
- Carbide and cermet cutting tool inserts
- Insulated wires, cables and conductors
- Video cameras and recording apparatus
- Refined lead
- Socket wrenches
- Sand blasting machines
- Hand wrenches, nonadjustable and adjustable
Next steps to assess your tariff exposure
With new tariffs taking effect on both sides of the border and additional measures possible, companies should review their product classifications, supply chains and trade strategies to understand potential cost impacts and compliance requirements.
Companies should not assume that their import is subject to the 50% tariff. Instead, consult with an advisor to confirm the current tariff rate.
For companies exporting to Canada, the U.S. government has released a specific list of HTS codes covered by the varying rates. Among those U.S. imports subject to tariffs, the list released by the Canadian government includes:
- Dies for extruding metal (15% tariff)
- Tools for pressing, stamping or punching (15% tariff)
- Plastic injection molds (15% tariff)
- Molds for metal or metal carbides (15% tariff)
- Metal furniture mountings (25% tariff)
- Aluminum nails, screws and rivets (50% tariff)
- Stainless steel flanges (50% tariff)
- Forged flanged wellhead tubing (50% tariff)
- Threaded wood and self-tapping screws (50% tariff)
Companies on both sides of the U.S.-Canada border should watch developments in the coming weeks closely for possible changes to the list of goods covered by tariffs and the exact rates.
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Wipfli has a team of professionals who can help your tribe evaluate the impact of GASB 103 and 104, review financial statement presentations, assess disclosure requirements and support implementation efforts. Whether your tribe prepares financial statements internally or relies on external assistance, our team can help you navigate changes and maintain compliance with evolving government accounting standards. Start a conversation.