President Trump has announced the implementation of significant tariffs on imports from Canada, Mexico, and China, raising concerns about rising consumer prices and potential trade war escalation. The tariffs, aimed at addressing illegal immigration and bolstering domestic manufacturing, have drawn immediate criticism from impacted nations and experts.
Donald Trump announced the implementation of 25% tariffs on imports from Canada and Mexico , effective immediately. Additionally, he stated that 10% tariffs would be imposed on goods from China . This move has sparked concerns about potential price increases for US consumers.
While the president indicated his intention to minimize the impact on oil imports, he emphasized his rationale for these tariffs: to encourage greater collaboration from these countries in addressing illegal immigration and the smuggling of fentanyl-related chemicals. He also reaffirmed his commitment to utilizing tariffs to stimulate domestic manufacturing.White House press secretary Karoline Leavitt confirmed the tariff implementation, stating, 'Starting tomorrow, those tariffs will be in place. These are promises made and promises kept by the president.' This decision carries both political and economic ramifications for Trump. His supporters rallied behind his platform promising to curb inflation, but these tariffs could trigger higher prices and potentially disrupt key sectors like energy, automobiles, lumber, and agriculture.Trump acknowledged the possibility of exempting Canadian and Mexican oil imports from the 25% tariff, suggesting a reduction to 10%. He explained, 'I'm probably going to reduce the tariff a little bit on that. We think we're going to bring it down to 10%.' Canada and Mexico have consistently imported substantial amounts of oil into the US. According to the Energy Information Administration, the US imported nearly 4.6 million barrels of oil daily from Canada and 563,000 barrels from Mexico in October, while daily production averaged nearly 13.5 million barrels. China, during Trump's first term, responded aggressively to tariffs imposed on Chinese goods, retaliating with taxes on US farm exports, impacting his supporters in rural America. Both Canada and Mexico have expressed preparedness to retaliate with tariffs if necessary.Canadian Prime Minister Justin Trudeau stated, 'We're ready with a response, a purposeful, forceful but reasonable, immediate response. It's not what we want, but if he moves forward, we will also act.' He emphasized that the tariffs would have 'disastrous consequences' for the US, jeopardizing American jobs and escalating prices. Mexican President Claudia Sheinbaum assured that Mexico has maintained dialogue with Trump's team prior to his return to the White House, highlighting the country's 'plan A, plan B, plan C for what the United States government decides.' She stressed Mexico's commitment to defending its people's dignity, sovereignty, and engaging in equal dialogue.Liu Pengyu, spokesperson for the Chinese embassy in Washington, urged the two countries to resolve their differences through dialogue and consultation, stating, 'There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world.' He emphasized the shared common interests and potential for cooperation between the two nations despite their differences. Trump also alluded to plans for tariffs on the European Union, expressing his intention to 'absolutely' impose them due to the bloc's perceived mistreatment of the US, although he provided no specific details
Tariffs Donald Trump Mexico Canada China Trade War Economy US Politics Immigration Fentanyl
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Imposes Tariffs on Canada and Mexico, Threatens ChinaPresident Trump announced tariffs of 25% on imports from Canada and Mexico, starting Saturday. He cited reasons like immigration, drugs, and subsidies. He also hinted at tariffs on China, claiming they are responsible for the fentanyl crisis. The move is expected to significantly impact the US and global economy, potentially triggering a trade war.
Read more »
White House Says Trump Tariffs on Canada, Mexico and China Will Come SaturdayPresident Donald Trump will put in place 25% tariffs on imports from Canada and Mexico and 10% tariffs on goods from China effective on Saturday, the White House said, but it provided no word on whether there would be any exemptions to the measures that could result in swift price increases to U.S. consumers.
Read more »
Trump launches trade war with China, Canada and Mexico, sparking fears for global economyDonald Trump will put in place tariffs on imports from China, Canada and Mexico from Saturday, the White House has confirmed.
Read more »
Trump Imposes Tariffs on Imports from Canada, Mexico, and ChinaPresident Donald Trump announced tariffs on goods imported from Canada, Mexico, and China, effective Saturday. The tariffs, ranging from 10% to 25%, are expected to increase prices for American consumers and escalate trade tensions. Canada and Mexico have pledged to retaliate, potentially triggering a wider trade war.
Read more »
Donald Trump to hit Canada, Mexico and China with tariffs - amid fears US consumers could sufferSome believe the US president's tariffs could trigger higher prices and potentially disrupt the energy, car, lumber and agricultural sectors.
Read more »
Donald Trump set to retaliate with tariffs on Mexico, China and CanadaPresident Donald Trump said he will impose 25% tariffs on Mexico and Canada and an additional 10% on China starting Saturday.
Read more »