The President of the United States, Donald Trump, has signed orders to impose tariffs on imported goods from Canada, Mexico, and China.
This was reported by The Washington Post.
Canada is preparing retaliatory tariffs on U.S. goods – BloombergCanada has compiled a list of U.S. manufactured goods worth $105 billion that it will impose tariffs on if Donald Trump decides to introduce tariffs on Canadian products.According to Trump, this is a necessary step to combat illegal immigration and drug trafficking, which threaten the safety of the United States.
Starting at midnight on Tuesday, February 4, American importers will pay a 25% tax on goods from Canada and Mexico, and 10% on products from China. Additionally, energy products, particularly oil from Canada, will be subject to extra fees.
Businesses and unions have opposed this decision, warning of its negative impact on the economy. It is expected that households in the U.S. will lose an average of $1,200 in purchasing power annually. In response to potential retaliatory measures from partners, Trump threatened even higher tariffs.
Canada and Mexico have already criticized Washington's actions, emphasizing that they could harm mutual trade and the regional economy.
Recall that earlier, President Donald Trump expressed his intention to impose a 25% tariff on imports from Canada and Mexico starting Saturday, February 1. He justified his decision by citing high trade deficits and the flow of fentanyl coming from these countries.
Canadian Prime Minister Justin Trudeau stated that the country may face difficult times if Trump imposes tariffs on imported goods.
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