Fitness trackers have come a long way from the simple bands that tracked steps and little else. Modern trackers can monitor everything from your heart health to how well you’ve recovered from a hard bout of training. Even flagship smartwatches, which used to be lackluster trackers, have become pretty adept workout companions. Whatever your fitness goals are, there’s probably a fitness tracker that can help you achieve them.
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The best fitness trackers to buy right now

Compared to some other gadgets, wearables are incredibly personal, which means there are a few extra considerations you’ll have to take into account before reaching for your wallet. It makes it hard to say that any one fitness tracker is the best for everyone. Thankfully, the best thing about fitness trackers in 2024 is that there’s enough variety to fit into every kind of lifestyle.
Right now, we’re heading into the holiday shopping season. A little patience goes a long way this time of year. Retailers and companies alike will be trying to get rid of old stock, meaning discounts galore ahead of Black Friday. If you don’t need the latest and greatest, it’s a good time to snag last year’s models in nicer materials.
Best fitness tracker overall
Size: 46mm w/ 22mm straps / Weight: 34g / Battery life: Up to 14 days / Display type: OLED touchscreen / GPS: Dual-frequency and six GNSS systems / Connectivity: Bluetooth, Wi-Fi / Water resistance: 5ATM / Music storage: 2.3GB
The Amazfit GTR 4 punches way above its weight. It includes a whole array of features you’d expect to see on much pricier wearables, like a bright OLED screen, blood oxygen monitoring, sleep stage tracking, stress tracking, Amazon Alexa compatibility, and an offline digital assistant. It’s also got a native camera remote and a handy Pomodoro timer built in. And for outdoor fitness enthusiasts, the GTR 4 also has multiband GPS for more accurate GPS tracking in challenging environments. You can even import GPX routes from sites like Strava and Komoot. The GTR 4 takes a more holistic approach to health, trading in steps for PAI points to gauge whether you’re getting the recommended 150 minutes of moderate activity per week.
For smart features, the GTR 4 has all the basics: push notifications, quick text replies on Android, alarms, timers, and the ability to make and take calls over Bluetooth. The only thing the GTR 4 is really missing is contactless payments, but it more than makes up for it, given the expansive feature set and battery life. It lasts about 10–14 days on a single charge with normal use and about a week with heavy usage. It may not have the brand recognition of a Fitbit, but since Google nerfed both the Versa 4 and Sense 2 last year, you might want to overlook that. Plus, the GTR 4 doesn’t have thick bezels like either of those watches. Watchfaces on the OLED display are crisp, and animations are smooth. When you consider that Amazfit watches are often on sale, it’s a no-brainer.
Best fitness watch for casual users
Sizes: 40mm w/20mm straps / Weight: 38g / Battery life: Up to 11 days / Display type: OLED touchscreen / GPS: All-systems GNSS / Connectivity: Bluetooth, Ant Plus / Water resistance: 5ATM / Music storage: 4GB (for Music Edition)
The $250 Garmin Venu Sq 2 is the watch I recommend for anyone looking to replace their aging Fitbit Versa 2, 3, or 4. It’s got a similar look and vibe, with a much nicer OLED display and longer battery life.
Garmin is known for its comprehensive fitness tracking, and that’s not an exception here. Of course, you get the basics, like steps and calories burned, but you get a whole lot more, too. There’s built-in GPS for tracking walks, runs, and bike rides, as well as plenty of other sports profiles like yoga and strength training. For smart features, you get push notifications, timers, contactless payments, and a bunch of safety features like Garmin’s Incident Detection, which is its take on fall detection. (You will need to carry your phone with you, however, as this doesn’t have LTE.)
If you want the option of onboard music, you can shell out $50 extra for the Music Edition, which comes with enough storage for about 500 songs. I wouldn’t recommend it, however, as you’ll most likely have your phone on you since this isn’t a true standalone watch.
What I like most about this watch, however, is it’s one that you can grow with. On top of recovery metrics and sleep tracking, it also has Garmin Coach — a built-in, free training program for beginner and intermediate-level runners hoping to tackle a 5K, 10K, or half marathon. For health tracking, you can monitor heart rate, blood oxygen, intensity minutes (how many minutes of moderate exercise you get per week), stress, hydration, respiratory rate, and menstrual cycles. And the best part is Garmin doesn’t lock any of this behind a paywall.
One note: there is a Venu 3, which adds a newer heart rate sensor and nap detection. I liked it quite a bit, and it ticks off a lot of the right boxes — except for price. It’s $450, which puts it outside what I’d consider ideal for casual users. The other option is Garmin’s Forerunner 165 — it’s a $249 budget training watch that’s quite similar to the Venu Sq 2 feature-wise, albeit with a sportier vibe. Basically, go with what you find on sale. I firmly believe older models are still a good choice if all you want is the fitness-tracking basics. This is especially true since newer software updates often make their way to older Garmins. Garmin users also tend to hang onto their device for a good while. Strava’s 2023 year-end survey found that the most popular smartwatch among its users was an eight-year-old Garmin!
Best for serious outdoor athletes
Sizes: 7S Pro: 42mm w/20mm straps, 7: 47mm w/22mm straps, 7X: 51mm w/26mm straps / Weight: 7S Pro: 63g (Solar), 58g or 65g (Sapphire Solar, titanium or stainless steel) 7: 79g (Solar), 73g (Sapphire Solar) 7X: 96g (Solar), 89g (Sapphire Solar) / Battery life: 7S: up to 11 days, 14 w/ Solar, 7: up to 18 days, 22 days w/ solar, 7X: up to 28 days, 37 w/solar / Display type: MIP touchscreen / GPS: All-systems GNSS and dual-frequency GPS / Connectivity: Bluetooth, Ant Plus, Wi-Fi / Water resistance: 10ATM / Music storage: Up to 32GB
Garmin’s flagship Fenix 7 series is no joke, and the Fenix 7 Pro lineup takes it up a notch. It’s got built-in multiband GPS, solar charging on all models, the option of touchscreen or button navigation, topographical maps, and oodles upon oodles of data. Plus, every Fenix 7 Pro model has a hands-free LED flashlight, an upgraded heart rate sensor, and an improved memory-in-pixel display that’s slightly easier to read in low lighting.
Garmin wearables are also known for providing extensive, in-depth metrics, and the Fenix 7 Pro lineup is no exception. You get excellent recovery metrics, as well as helpful training guides and coaching programs. The best part is Garmin doesn’t charge extra for those features. That’s good news, as these are expensive watches.
I appreciate how quickly these Fenix 7 watches are able to pick up a GPS signal. That’s a must if you’re training in the dead of winter. These watches can also take a beating. All models are built to military-grade standards and feature up to 10 ATM of water resistance. That means they’re more than capable of a dunk in the ocean.
Although the screen is brighter, MIP displays still aren’t my absolute favorite — the OLED on the Garmin Epix 2 and the Epix Pro are a lot easier on the eyes. It’s admittedly tough to pick between the Fenix 7, Fenix 7 Pro, Epix 2, and Epix Pro lineups — especially now that the Epix Pro also has great battery life, the LED flashlight, and now comes in multiple sizes. What it boils down to is whether you prioritize a brighter display, longer battery life, or price.
Personally, I prefer the Epix Pro for better readability, but the Fenix 7 Pro is the better choice if this is your first introduction to Garmin’s platform. You’ll get better battery life, the same LED flashlight, all the same training features, and a lower starting price. (You can also check out our Garmin buying guide if you’d like even more alternatives.)
Technically, there’s a new Fenix 8 series on the block. That said, I still think the standard Fenix 7 lineup is a good choice, especially given how expensive the new Fenix 8 is. We’re still reviewing it, but the main updates over the Fenix 7 lineup are “smarter” features like a voice assistant. If that’s not a concern, an older model might be friendlier to your budget — especially as retailers tend to discount older stock around the holiday season.
Best non-wrist tracker
Sizes: 8 proprietary sizes, 6-13, sizing kit needed / Weight: 4–6g (depends on size) / Battery life: Up to 7 days / Display type: None / GPS: None / Connectivity: Bluetooth / Water resistance: Up to 328 feet / Music storage: None
The vast majority of fitness trackers are worn on the wrist, but the $299 Oura Ring isn’t. The smart ring is a good option for people who are looking for something a little more discreet. It’s also less distracting than some other wrist-based options, as it lacks a screen and doesn’t mirror push notifications from your phone.
While smaller than your average wearable, the Oura Ring still tracks a ton of metrics, including heart rate variability and body temperature. The third iteration of the device also introduces SpO2 sensors, as well as all-day heart rate monitoring and period predictions. Since launching, the Oura Ring has also added activity tracking, blood oxygen levels, chronotypes to help visualize your circadian rhythms, and a new social feature called Circles. It’s also begun rolling out a whole new sleep stages algorithm that it claims is more accurate than before. If you’re looking for some stress relief, the Oura Ring also lets you track guided meditation sessions.
The Oura Ring tracks typical metrics — such as steps and calories burned — but its main focus is sleep and recovery. Each day, you’re given three sets of scores for your readiness, sleep, and activity. It’s a simple, holistic look at your overall wellness and an ideal pick if you want a more hands-off experience with your data.
If you’ve got a Samsung Galaxy Watch, you may want to consider the $399.99 Galaxy Ring. It’s a bit more expensive than the base Oura Ring, but it doesn’t come with a subscription, and you get much better battery life when used with the Galaxy Watch. The hardware is also excellent, especially the charging case. That said, this is only an option for Android users, and even then, you don’t really unlock its full potential unless you’ve got other Samsung gear.
You might not want to buy at this exact moment, however. Android Authority spotted some certification filings for a potential Gen 4 model earlier this summer. Companies usually do this when a new launch is imminent. If something new is in the works, it’s likely Oura will launch it before Black Friday. So, it’s a good time to hold out if you can wait.
Best fitness band
Size: 42mm x 24mm x 12.2mm with 16mm straps / Weight: 28g / Battery life: Up to 18 days / Display type: OLED / GPS: Tethered / Connectivity: Bluetooth / Water resistance: 5ATM / Music storage: None
It’s truly hard to beat the Amazfit Band 7’s $49.99 price — doubly so since you can often find it on sale for even less. Wearing the Band 7 feels like a throwback to 2014, which is great if all you’re looking for is a simple and casual tracker that won’t break the bank.
No one is going to compliment you on the Band 7’s design, but it’s got a handful of cute watchfaces that make good use of its OLED touchscreen. And despite having an OLED display, you’ll still get roughly 14 days of battery life on a single charge. It’s also incredibly lightweight, making it a good option for sleep tracking as well.
You also get an absurd number of features for the price. That includes Amazon Alexa, continuous heart rate monitoring, blood oxygen monitoring, stress tracking, advanced sleep tracking, training metrics like VO2 max and load, abnormal heart rate alerts, menstrual tracking, push notifications, find my phone, a camera remote, and even a Pomodoro timer. You’re sacrificing contactless payments and will have to settle for tethered GPS, but this is a fair tradeoff considering everything else you’re getting. It’s not the best option for hardcore fitness tracking, but this is a great option if all you’re looking to do is casually track activity and your steps.
Amazfit’s been making surprisingly good budget trackers for a while. That said, if you’re a little wary of a lesser-known brand, the $159.95 Fitbit Charge 6 is a decent alternative. It’s pricier, but you get a lot of what Amazfit is missing. That includes Google services like YouTube Music, Google Wallet, and Google Maps. Plus, it has built-in GPS and the ability to broadcast your heart rate with some Bluetooth-compatible gym equipment.
Most stylish fitness watch
Sizes: 37mm with 18mm straps / Weight: 45g / Battery life: Up to 39 days / Display type: OLED display / GPS: Tethered GPS / Connectivity: Bluetooth / Water resistance: 5ATM / Music storage: N/A
The $249.95 Withings ScanWatch Light is a fetching hybrid analog smartwatch. Think of it as a dressier fitness band with some Swatch-like design sensibilities. It’s got all your basics like simple push notifications, timers, and alarms. Plus, you can track steps, sleep, menstrual cycles, and GPS activities straight from the wrist. It looks spiffy on the wrist, and if you like a pop of color, Withings offers minty green and pale blue color options. It’s also got excellent battery life, with an estimated 30 days on a single charge. I got a little less in testing at around 25 days, but that’s still much better than the vast majority of flagship smartwatches. This also looks way more stylish than beefier multisport watches with similar battery life.
Like its name suggests, the Light is a pared-down version of the $349.95 ScanWatch 2. The main things you’re missing are an EKG sensor for atrial fibrillation detection, a temperature sensor, blood oxygen tracking, and an altimeter for tracking elevation. For basic fitness tracking, you don’t really need those sensors. That’s why I think the extra $100 in savings is worth it for the Light, especially since both are lacking in safety features, contactless payments, and some other bells and whistles you can get from other watches in the $350 price range. That said, if you want extras, the ScanWatch 2 also gets you a slightly more elegant look thanks to the second step-counter dial.
Another option I like is the $179.99 Garmin Vivomove Sport, which actually dominated this category the past few years. It’s hard to beat the price, especially since it gets you access to Garmin’s platform. However, Garmin’s “hidden” OLED display can get washed out in bright lighting, and battery life was significantly shorter than other hybrid analog watches at around five days. Still, if you’d rather a platform with a focus on fitness rather than wellness, the Vivomove Sport may be the better move over a Withings watch.
Best fitness tracker for iPhone users
Sizes: 42mm, 46mm / Weight: 29.3g (42mm), 35.3g (46mm) / Battery life: Up to 18 hours / Display type: Always-on LTPO OLED / GPS: Built-in GPS, plus GLONASS, Galileo, QZSS, Beidou / Connectivity: LTE (optional), Bluetooth, Wi-Fi / Water resistance: Up to 50 meters / Music storage: 32GB
If you’re looking for a smartwatch that does fitness well, then iPhone owners need to look no further than the $399 Apple Watch Series 10. (The LTE version costs $50 more.) This is another year of iterative updates, but the Series 10 is a much more comfortable watch than in years past. It’s thinner and lighter, plus there’s a larger display. If you’ve got a Series 5 or older, now is a good time to upgrade.
With watchOS 11, there’s a new suite of training features. There’s Training Load, which gives you greater insight into how intensely you’ve been working out the past week compared to the last 28 days. There’s also a new Vitals app that flags when key metrics, like sleep duration or heart rate, may be out of whack. Plus, you can finally pause your rings for rest days. The software update also brings some savvy updates to the Smart Stack. For example, if you’re in a noisy cafe wondering what song’s playing, the Smart Stack can now surface the Shazaam widget. It also now supports Live Activities, turning your wrist into a mini Dynamic Island. Health-wise, we also now have FDA-cleared sleep apnea detection.
Of course, we also have to address the Apple Watch ban. As of January 18th, 2024, new Apple Watches sold in the US have the blood oxygen feature disabled due to an ongoing patent battle with medical device maker Masimo. This isn’t a huge deal for most people, as this feature isn’t that useful for most people yet, and the new sleep apnea feature exclusively uses the accelerometer rather than the blood oxygen sensor. You might want to consider a refurbished Series 7 or 8 if blood oxygen sensing is important to you, however.
If you’re a first-time buyer, you can also opt for the second-gen Apple Watch SE. It’s slightly cheaper at $249, and while you don’t get as many features, it’s a good introduction to the ecosystem. Otherwise, if you’re the type of athlete who covets a Garmin, you may also want to consider splurging on the Apple Watch Ultra 2. It’s more expensive at $799, but it does have the brightest screen of any Apple Watch, comes with dual-frequency GPS, has diving and hiking safety features, and is made of more durable materials. There’s also a fetching new black color.
Best fitness smartwatch for Samsung phones
Sizes: 47mm / Weight: 60.5g / Battery life: Up to 100 hours / Display type: Always-on OLED / GPS: Built-in GPS / Connectivity: LTE (optional), Bluetooth, Wi-Fi / Water resistance: 10ATM, IP68 / Music storage: 32GB
Truthfully, the Samsung Galaxy Watch Ultra left me a bit disappointed after reviewing it — not because it’s a bad piece of hardware, but because it copies a bit too much from Apple. Even so, this is the most full-featured fitness smartwatch a Samsung phone owner can buy.
While I prefer the Galaxy Watch 7 myself, I can’t say it’s the best for fitness tracking. There was too much of a gap between it and the Ultra in my testing as far as accuracy, especially for GPS tracking. But what really sealed the deal for me was the difference in battery life. It’s simply night and day, and the Galaxy Watch 7 really struggled in this arena. (The gaps are much less egregious between the base Apple Watch and Ultra 2.)
The caveat is, if all you want is casual fitness tracking, the Galaxy Watch 7 is the better choice for wearability. It’s just more comfortable for sleep tracking and lighter overall. Just keep in mind it lacks the Ultra’s emergency siren and shortcut button, and the screen doesn’t get quite as bright.
With both watches, you get a faster processor, a new 3-in-1 BioActive Sensor, some AI health features, and FDA-cleared sleep apnea detection. The newer hardware makes for a more futureproof purchase, but I found the AI health features to be hit-or-miss in practice. As always, some features, like EKGs and sleep apnea detection, are limited to Samsung owners. That makes this hard to wholeheartedly recommend this to non-Samsung Android users.
But if the Ultra doesn’t float your boat, now is a good time to find the Galaxy Watch 6 series, particularly the base models, on sale. The base Galaxy Watch 7 may have newer hardware, but as far as actual use goes, it’s not a massive update over last year. And if you’re into a physical rotating bezel, just go ahead and snag a Galaxy Watch 6 Classic.
Best fitness smartwatch for Android
Sizes: 41mm, 45mm / Weight: 31g / Battery life: Up to 24 hours / Display type: Always-on OLED / GPS: Built-in GPS / Connectivity: LTE (optional), Bluetooth, Wi-Fi / Water resistance: 5ATM / Music storage: 32GB
With the Pixel Watch 3, Google is finally done playing catch-up.
There are truly too many updates to call each one out individually, but overall, they fall into two buckets: refinement and expansion. The hardware is mostly the same as last year’s Pixel Watch 2 in terms of design. However, we now have a brighter screen, smaller bezels, and a new 45mm size. The larger size is quite nice, especially if you prefer larger screens without sacrificing wearability.
Battery life is also better. There’s a new battery-saver mode that kicks in when you hit 15 percent and the new displays are also more power efficient. Plus, bedtime mode is automatic now, so that helps the watch last longer overnight for sleep tracking. It’s only a modest improvement over the Pixel Watch 2, but it’s dramatic compared to the original.
Software is where the Pixel Watch 3 makes the most updates. There are a ton of new fitness and health features, including a new running dashboard, custom running workouts, and AI-generated workout suggestions. There’s also a revamped Daily Readiness Score and a new Cardio Load metric, which gauges how intensely you’ve been exercising. For European users, you can also get the new Loss of Pulse feature, which calls emergency services on your behalf if it detects you no longer have a pulse. Unfortunately, this isn’t available stateside, as it hasn’t yet received FDA clearance.
The Pixel Watch 3 also better integrates with Google services and the Pixel ecosystem. You can now view your Nest Doorbell or Camera feed straight from the wrist — and it’s quite handy if you get a lot of packages or guests. If you have Google TV, you can use the watch as a remote. Now that the watch has an ultra wideband chip, it can also now unlock your Pixel phone. You can also use the Recorder app to capture audio and send it straight to your Pixel phone.
That said, some of these features now mean the Pixel Watch works best with a Pixel phone. If you’re looking for alternatives to Google and Samsung, the $299.99 OnePlus Watch 2 is a strong alternative. You’re giving up LTE, but it’s a handsome-looking watch with surprisingly long battery life and Google Assistant from the get-go.
Best for early adopters and elite athletes
Sizes: 43mm by 28mm by 10mm / Weight: 18g / Battery life: 4–5 days / Display type: None / GPS: None / Connectivity: Bluetooth / Water resistance: Up to 10 meters / Music storage: None
The Whoop 4.0 is not for the casual enthusiast. Not only does it come with an expensive monthly subscription, but the information it provides is only useful if you’re actively training for a cardio-intensive sport. If strength training is your main form of exercise, you’re better off looking elsewhere. Like the Oura Ring, this is a distraction-free tracker that specializes in sleep and recovery. The main difference is this has a more athletic bent. For instance, you’ll get way more insight into how much strain you’ve taken on in the past week.
Whoop also provides a lot of novel ways to wear its tracker, including in underwear and arm/knee sleeves. This makes it an appealing option if you’re one of those unicorns who needs a secondary tracker to supplement another form of fitness tracking. Again, this is a tracker best appreciated by people who go hard and aren’t afraid to experiment. Plus, Whoop recently lowered its subscription prices in certain tiers, so while it’s still expensive, it’s not quite as pricey as it used to be.
Update September 23rd: Updated with the Pixel Watch 3, Apple Watch Series 10, and Samsung Galaxy Watch Ultra. Also added new information about potential Oura Ring Gen 4 and holiday shopping.
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Trump Says US Banks Can’t Do Business in Canada. It’s Not That Simple.

Hours after imposing steep tariffs on Canada, President Trump raised an issue that even the American lenders whose cause he’s championing find perplexing: the access, or lack thereof, of U.S. banks to the Canadian market.
On Tuesday, Mr. Trump wrote in a post on Truth Social, “Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market.” He added sarcastically, “Oh, that seems fair to me, doesn’t it?”
While this issue doesn’t often come up in conversations with prominent American bank executives, it appears to be increasingly on the president’s mind.
Mr. Trump mentioned the Canada banking issue early last month as part of a broader criticism against what he views as the unequal economic balance between the United States and its northern neighbor. Writing on Truth Social, Mr. Trump said Canada “doesn’t even allow U.S. Banks to open or do business.”
Here is the actual state of play for U.S. banks in Canada:
Can U.S. banks operate in Canada?
Canada’s banking sector is dominated by the “Big Six,” the half-dozen institutions including the Royal Bank of Canada and TD Bank. They are permitted to take deposits, extend mortgages and advise corporate clients — all the core activities for banks. And Canadian customers disproportionately still prefer to do their banking in person, as opposed to online, meaning it would require a major physical presence for any entrant to attempt to enter the market.
Additionally, U.S. banks are restricted in what they can do in Canada.
Foreign banks, including American ones, must either work with a Canadian middleman, establish a Canadian subsidiary or receive special government permission to do business. Unless they agree to follow Canada’s stringent banking rules that include holding a hefty sum of cash-like assets in reserve at all times, they cannot operate retail branches that take deposits under around $100,000.
Given how dominant Canada’s homegrown banks are, any international bank that tries to compete faces “an additional regulatory burden for what would begin as a small prize,” said James R. Thompson, associate professor of finance at the University of Waterloo.
The upshot is that U.S. banks have minimal operations in Canada. The largest American lender, JPMorgan Chase, says it has roughly 600 employees in Canada, out of more than 300,000 worldwide. Many international banks limit themselves to areas that don’t involve lending, such as offering investment advice to wealthy Canadians or local companies.
So Mr. Trump is incorrect in asserting that American banks cannot do any business in Canada, but it is true that they are hamstrung in their activities.
Why is Canada so restrictive?
While there are more than 4,000 banks in the United States, Canada has just a few dozen, and more than three-quarters of deposits are held by the Big Six.
For decades, Canadian political leaders have crowed about that restrictive financial regulatory model. They argue that fending off foreign entrants in the country’s mortgage market helped the country largely avoid the 2008 collapse south of its border.
In light of Mr. Trump’s criticism, Maggie Cheung, a spokeswoman for the Canadian Bankers Association, was quick to point out on Tuesday that foreign banks were an integral part of the banking landscape. She said 16 U.S. banks were operating to some degree in Canada, with a cumulative of nearly $79 billion in assets — a statistic that the nation’s prime minister, Justin Trudeau, also cited on Tuesday.
“American banks are alive and well and prospering in Canada,” Mr. Trudeau said.
But in relative terms, their successes are small. U.S. bank assets represent 1 to 2 percent of the $6.5 trillion held by banks operating in Canada writ large.
“The major impediment faced by U.S. banks,” said Laurence Booth, professor of finance at the University of Toronto, “is simply they can’t compete with the Canadian banks as they don’t have the scale, while they can’t take any of them over as there are restrictions on foreign ownership.”
Do Canadian banks ‘flood’ the U.S.?
International banks — including Canadian ones — are largely free to establish U.S. arms. The United States is a more attractive target for international banks than Canada, both because it is a hub for world finance and because its market permits more exotic, higher-profit lending activities like 30-year mortgages. (The most common mortgage in Canada carries a five-year term.)
The largest Canadian bank in America, TD Bank, operates more than 1,000 U.S. branches through a Delaware subsidiary. That size puts it in line with well-known regional lenders like Citizens and Fifth Third.
The Canadian Bankers Association said the six largest Canadian lenders held less than 3.5 percent of U.S. bank assets.
Is this even an issue for Wall Street?
Big U.S. banks had plenty of hopes that Mr. Trump would decrease regulations, encourage merger activity and slash taxes. Expanding their presence in Canada was not on the list.
A U.S. banking industry trade group, the Bank Policy Institute, said Tuesday that it had released no statements on the matter, and no bank chief executive has taken up the rallying cry.
More pressing for the global banking industry are Mr. Trump’s tariffs, which have helped push the industry’s stocks down 8 percent over the past month, according to the KBW Nasdaq Bank Index.
Business
Trump’s New Tariffs Could Strain Collection of Customs Fees

The sweeping tariffs on Canadian, Mexican and Chinese products that President Trump imposed on Tuesday could strain the system that collects import duties and the government agencies that enforce those fees, trade and legal experts said.
Collecting import duties is usually a routine task, but the new tariffs are being imposed on Mexican and Canadian goods, many of which have been imported into the United States duty-free for many years. Adding to the challenge is the sheer volume of goods subject to the new tariffs — U.S. imports from China, Mexico and Canada totaled over $1.3 trillion last year, or about two-fifths of all imports.
The tariffs apply a 25 percent duty on goods from Mexico and Canada and an additional 10 percent on imports from China.
Importers typically employ customs brokers to calculate and pay tariffs to the government agency that collects them, U.S. Customs and Border Protection.
Adam Lewis, a co-founder and the president of Clearit, a customs broker, said that it would not be hard to tweak software to collect the new tariffs, but that a crucial part of the tariffs payment system might need significant adjustments. Importers must buy a “customs bond,” a type of insurance that guarantees the duties will be paid. Mr. Lewis said some customers might have to increase the size of their bonds to cover the extra tariff payments.
“Many of their products were coming in duty-free, and all of a sudden there’s going to be a 25 percent increase,” he said. “It’s quite large.”
In addition, policing importers for tariff evasion will now become a much bigger task for Customs and Border Protection and the Department of Justice. Some importers may try to avoid tariffs by understating the cost of goods in customs declarations or by falsely claiming they were imported from countries not subject to tariffs.
“The greater the breadth and severity of these new tariffs, the greater the likelihood that at least some potential importers may want to misrepresent the value or the origin of their goods,” said Kirti Vaidya Reddy, a former federal prosecutor who is now a partner at the law firm Quarles.
If the government finds that an importer has not paid duties, customs officials are likely to demand that the importer pay what is owed and a penalty that can double or even triple the amount due.
In a statement, a customs agency spokeswoman said: “The dynamic nature of our mission, along with evolving threats and challenges, requires C.B.P. to remain flexible and adapt quickly while ensuring seamless operations and mission resilience. These tariffs will help maintain America’s global competitiveness and protect American industries from unfair trade practices.”
Some evasion cases have become the subject of criminal prosecutions. Last year, a Miami importer pleaded guilty to participating in an import scheme involving Chinese truck tires that the Justice Department said had cost the United States more than $1.9 million in forgone tariff revenue.
But stepping up enforcement efforts is likely to require that the Justice Department devote significantly more staff to pursuing tariff evasion cases, which, lawyers said, can take time to build.
“The Department of Justice has the personnel and infrastructure to do it, but these cases are complex, transnational and document-heavy,” said Artie McConnell, a former federal prosecutor who is a partner at the law firm BakerHostetler. “You can’t rush it, and prosecutions likely won’t come quickly.”
Business
China Retaliates Against Trump, Imposing Tariffs and Blacklisting U.S. Companies

Minutes after President Trump’s latest tariffs took effect, the Chinese government said on Tuesday that it was imposing its own broad tariffs on food imported from the United States and would essentially halt sales to 15 American companies.
China’s Ministry of Finance put tariffs of 15 percent on imports of American chicken, wheat, corn and cotton and 10 percent tariffs on other foods, ranging from soybeans to dairy products. In addition, the Ministry of Commerce said 15 U.S. companies would no longer be allowed to buy products from China except with special permission, including Skydio, which is the largest American maker of drones and a supplier to the U.S. military and emergency services.
Lou Qinjian, a spokesman for China’s National People’s Congress, chastised the United States for violating the World Trade Organization’s free trade rules. “By imposing unilateral tariffs, the U.S. has violated W.T.O. rules and disrupted the security and stability of the global industrial and supply chains,” he said.
President Trump has contended his tariffs are essential to stopping the flow into the United States of fentanyl, a synthetic opioid that has caused hundreds of thousands of deaths through overdoses.
But the U.S. imposition of tariffs “will deal a heavy blow to counternarcotics dialogue and cooperation,” Lin Jian, a spokesman for China’s Ministry of Foreign Affairs, said at a news briefing.
Mr. Trump has now tagged almost all goods from China with an extra 20 percent in tariffs since taking office in January. He announced 10 percent tariffs on Feb. 4 and another round on Tuesday. Mr. Trump also moved ahead on 25 percent tariffs on Mexico and Canada on Tuesday, after a monthlong delay.
China had responded to the February tariffs by immediately announcing that it would start collecting, six days later, additional tariffs on liquefied natural gas, coal and farm machinery from the United States. But those tariffs combined hit only about a tenth of American exports to China, making them much narrower than Mr. Trump’s comprehensive tariffs.
China’s action on Tuesday was much broader. China is the top overseas market for American farmers, wielding considerable influence over prices and demand in the commodities markets of the Midwest.
By targeting imports of food, Beijing repeated its response to tariffs that Mr. Trump imposed during his first term. China put tariffs on American soybeans in 2018 and shifted much of its purchasing to Brazil.
But the strategy backfired then: Mr. Trump responded by placing more tariffs on Chinese goods. Because China sells much more to the United States than it buys, it quickly ran out of American goods to impose tariffs on. And American farmers had some success in finding other markets for their crops.
China’s tariffs in 2018 also had less of a political impact in the United States than Beijing’s leaders had hoped. In 2018 Senate elections in three of the top soybean-exporting states, voters gave little evidence they held the Chinese action against Mr. Trump or the Republican Party. All three states saw Democratic senators replaced with Republicans that year, as social issues proved more compelling for many voters than trade disputes.
Yet China has potential trade weapons that go beyond tariffs on food. In early February, Beijing implemented restrictions on exports to the United States of certain critical minerals, which are used in the production of some semiconductors and other technology products.
Blocking key materials from reaching the United States, a tactic known as supply chain warfare, carries considerable risks for China. Beijing is struggling to attract foreign investment. China’s leaders have also stated that attempting to bolster the country’s domestic economy, weighed down by the fallout of a devastating real estate slowdown, is a priority.
Beijing could make it even harder for American companies to do business in China, but that could also hurt foreign investment. In addition to effectively preventing 15 companies from buying Chinese goods, China’s Ministry of Commerce added another 10 American companies on Tuesday to what it calls an “unreliable entities list,” preventing them from doing any business in China.
Many of the companies that China penalized on Tuesday are military contractors. But the Ministry of Commerce also blocked imports from the biotech firm Illumina. It accused Illumina, which is based in San Diego, of violating market transaction rules and discriminating against Chinese companies.
Chinese market regulators said in early February, after Mr. Trump imposed tariffs, that they had launched an antimonopoly investigation into Google. Google has been blocked from China’s internet for more than a decade, but the move could disrupt the company’s dealings with Chinese companies.
Mr. Lou, the National People’s Congress spokesman, signaled his country’s emerging strategy in dealing with Mr. Trump’s tariffs by calling for closer trade relations with Europe.
“China and Europe can complement each other’s strengths and achieve mutual benefit in many areas of cooperation,” he said at a news conference ahead of the opening on Wednesday of the annual weeklong session of China’s legislature.
But Europe has its own trade disputes with China, notably over electric vehicles. European politicians and business leaders have voiced concern about how to cope with an expected further flood of exports this year from China, which has embarked on a far-reaching factory construction program.
China’s rapid rise since 2000 to global pre-eminence in manufacturing, with a third of the world’s output, has come to a considerable extent at the expense of the American share of global industrial production, according to United Nations data. European nations have been wary of closing factories and relying on low-cost imports from China.
Mr. Trump has moved much faster on China tariffs during his second term than he did in his first. In 2018 and 2019, he imposed tariffs of up to 25 percent, in stages, on imports worth about $300 billion a year. He then concluded a trade agreement with China in January 2020, leaving in place 25 percent tariffs on many industrial goods while cutting 15 percent tariffs on some consumer products to 7.5 percent and canceling a few other tariffs.
By contrast, Mr. Trump has now imposed 20 percent tariffs on all goods that the United States imports from China, worth about $440 billion a year. That includes some products, like smartphones, that he omitted during his first term.
Mr. Trump’s actions this year have raised average tariffs on the affected Chinese imports to 39 percent — compared with just 3 percent before he took office in 2017. Apart from China, Canada and Mexico, the United States imposes tariffs averaging about 3 percent on most trading partners.
China’s average tariffs on goods from most of the world are twice as high, and much higher on imports from the United States.
In Mr. Trump’s first term, the Chinese government reduced taxes that it charges the country’s exporters. That gave them room to cut prices and offset at least part of the tariffs for their customers, which include many small American businesses as well as big retailers like Walmart, Amazon and Home Depot.
As another way around tariffs, some Chinese exporters shifted the final assembly of their products to countries like Vietnam, Thailand or Mexico, while keeping the production of core components in China. Mr. Trump is now trying to stop some of the trade through Mexico, which critics of Chinese exports see as a backdoor into the U.S. market.
Many Chinese exporters resorted to using the so-called de minimis exception to tariffs: dividing shipments into many packages, each with a value of less than $800. Each shipment is then exempt from tariffs and customs processing fees and mostly omitted from customs inspections and American imports data.
At least $1 of every $6 worth of American imports from China is now arriving through these de minimis shipments.
In early February, Mr. Trump issued an order briefly halting the de minimis tariff exemption for goods from China, Mexico and Canada. After packages quickly accumulated at American airports, he delayed the order for shipments from China until procedures could be developed to handle them, and postponed for a month his order for de minimis imports from Canada and Mexico. On Sunday, he again delayed action on those imports from Canada and Mexico.
Wu Xinbo, dean of the Institute of International Studies at Fudan University in Shanghai, said that by retaliating now, “China sends a strong signal to the Trump administration that a unilateral tariff doesn’t work — you have to sit down to talk to us and to negotiate with us.”
Alexandra Stevenson contributed reporting from Beijing, and Chris Buckley and Amy Chang Chien from Taipei. Li You contributed research.