President Trump announces 25% tariffs on goods from Canada and Mexico, citing immigration, drug trafficking, and trade deficits as reasons. The inclusion of oil in the tariffs remains undecided, pending negotiations and the price of oil.
U.S. President Donald Trump announced on Thursday that he would proceed with long-threatened import tariffs on goods from Canada and Mexico, setting the rate at 25%. The president indicated that a decision regarding the inclusion of oil imports in the tariffs had yet to be finalized, stating it hinged on whether the two nations treated the U.S. fairly.
Trump stated that the tariffs, scheduled to commence in February, were being implemented for multiple reasons, including the influx of undocumented immigrants, the flow of drugs like fentanyl into the country, and the substantial subsidies provided to Canada and Mexico that contributed to U.S. deficits. He emphasized that the tariffs, which would apply separately to Canada and Mexico, were necessary to address these imbalances. Representatives from both the Mexican and Canadian governments were unavailable for immediate comment. However, both nations have previously committed to retaliatory measures if tariffs were imposed. Canada's Minister of International Trade, Mary Ng, asserted that all options were under consideration in response to U.S. tariffs, even those involving export taxes on energy exports to the United States. She warned that implementing tariffs on Canada would ultimately raise costs for American consumers
TRUMP TARIFFS CANADA MEXICO TRADE OIL IMMIGRATION DRUGS
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