The White House confirmed Friday that the president will be leveling aggressive tariffs this weekend on major U.S. trading partners.
In an apparent ending to weeks of intense speculation, the White House confirmed Friday that President Donald Trump will be leveling aggressive tariffs this weekend on major U.S. trading partners.
Karoline Leavitt, the White House press secretary, said Trump will be leveling 25% tariffs on Mexico and Canada as well as a 10% duty on China, in retaliation for"the illegal fentanyl that they have sourced and allowed to distribute into our country."The White House provided few details on exactly how the levies will be meted out, saying that they will be available for public inspection at some point Saturday.
Stocks, which had been positive earlier in the session, plunged on the news, sending the Dow Jones Industrial Average down more than 200 points, or about 0.5%.There was no word on potential exemptions to the tariffs; the White House denied an earlier Reuters report that there would be at lease some exclusions rather than simply blanket measures covering all products.
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