The US President is expected to sign an order on Saturday imposing hefty new tariffs of 25% on goods from Mexico and Canada and 10% on imports from China
US President Donald Trump speaks to reporters after signing Interior Secretary Doug Burghum’s commission in the Oval Office on January 31, 2025 in Washington, DC. Trump spoke to reporters about tariffs against China, Canada and Mexico and how Burghum will coordinate with the Energy Department and the Environmental Protection Agency.
Trump did, however, reference a potential carve out for oil from Canada, saying that tariff rate would be 10% versus the 25% planned for other Canadian imports. But he indicated wider tariffs on oil and natural gas would be coming in mid-February, remarks that sent oil prices higher. Trump acknowledged that the steep duties could result in higher costs being passed on to consumers and that his actions may cause disruptions in the short term, but said he was not concerned about their impact on financial markets.
Automakers would be particularly hit hard by higher costs, through tariffs on vehicles assembled in Canada and Mexico. Their vast regional supply chain, where components can cross borders several times before final assembly, would further exacerbate these costs. A public screen displays the figure for the SSE Government Bond Index in Shanghai, China. Investors are bracing for a torrent of tariffs by Donald Trump. worth of US imports, but would hold public consultations before acting, the source said.
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