Donald Trump announced that tariffs of 25% on products from Canada and Mexico could be implemented as soon as February, just hours after being sworn in as U.S. president on Monday.
Speaking at the White House while signing a series of executive orders, Trump stated, “We’re considering 25% tariffs on Mexico and Canada because they’re allowing a large number of people to enter the U.S.” He further indicated that February 1 could be the target date for the tariffs’ imposition.
Earlier reports by the Wall Street Journal suggested that Trump had initially ruled out imposing tariffs on key trading partners such as Canada, Mexico, and China. Instead, he planned to direct authorities to evaluate trade relations with China and its North American neighbors, according to a summary of a planned memorandum and discussions with Trump’s advisers.
Following his November election victory, Trump had threatened to introduce tariffs on goods from Canada, Mexico, and China, raising concerns among U.S. trading partners. There are also growing anxieties in the European Union that Trump could impose additional tariffs on imports from the region.
Tariffs are taxes levied on imported goods as they enter the country, which can drive up the cost of foreign products. During his first term from 2017 to 2021, Trump implemented a wide range of tariffs on imports.
AFP
