President Trump announces planned 25% tariff on Canada, Mexico
Canada and Mexico will be hit with a 25% tariff on all imports, while Chinese products will receive a more modest 10% tariff,The three Executive Orders have a retaliation clause that will boost the tariffs should the three countries respond.
Trump has long been a fan of taxing imports from other nations as a way to correct trade imbalances, raise revenues and be used as leverage for unrelated policy battles. Trump’s tariffs will likely lead to more expensive cars at least in the short term before American suppliers can ramp up to fill the shortfall.In 2024, the United States imported $46 billion of agricultural products from Mexico, according to U.S. Department of Agriculture. Of that figure, fresh fruits totaled $9 billion, and cost for fruit will likely become more expensive at grocery stores across the country when the tariffs kick in.
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