President Donald Trump announced his intention to impose tariffs on Mexico and Canada as early as February 1st, citing their handling of border security and fentanyl trafficking. He also hinted at possible tariffs on China over TikTok, and outlined plans to overhaul the U.S. trade system.
President Donald Trump announced on Monday the potential imposition of tariffs on Mexico and Canada as early as February 1st. During a press conference unveiling a series of executive orders spanning various sectors including regulations, free speech, and immigration, Trump expressed his intention to levy these tariffs. He stated, 'We're thinking in terms of 25% (levies) on Mexico and Canada , because they're allowing a vast number of people over the border.
' Describing Canada as 'a very bad abuser,' Trump indicated a target date for the tariffs as 'I think Feb. 1.'While Trump's intention to implement tariffs on U.S. trading partners had been widely known, the specific timing and scope remained uncertain. Some analysts had speculated that the tariffs could be delayed and potentially focused on specific essential goods rather than a broader approach. Trump had reportedly been considering a 25% tariff on Canadian goods as part of a broader plan to impose 10% duties on all countries, potentially escalating over time. Such a move against Canada would significantly impact its economy, given the two nations' annual trade exceeding half a trillion dollars.Beyond Mexico and Canada, Trump hinted at the possibility of escalating tariffs against China over the social media platform TikTok. Trump had previously intervened to prevent TikTok's ban in the U.S. with a temporary reprieve contingent upon its owner finding a U.S. partner. Should China fail to approve this partnership, Trump suggested tariffs could be utilized as leverage. 'If we wanted to make a deal with TikTok and it was a good deal and China wouldn't approve it, then I think ultimately they'd approve it, because we'd put tariffs on China,' he stated. 'I'm not saying I would, but you certainly could do that.'Trump aims to leverage tariffs to protect U.S. business interests and encourage Canada and Mexico to strengthen their efforts against fentanyl trafficking. He has pledged to designate international drug cartels as terrorist organizations, granting his administration additional tools to combat the inflow of drugs across the border. 'I will immediately begin the overhaul of our trade system to protect American workers and families,' Trump declared in his speech. 'Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.' He further established the External Revenue Service, tasked with collecting these duties, which he anticipates will generate 'massive amounts of money' for the federal government. Currently, the U.S. Customs and Border Protection handles this responsibility. The U.S. stock market, which initially surged after Trump's inauguration, gave up earlier gains as he addressed the Mexico and Canada tariffs, with treasury yields declining. Earlier, Trump signed an executive order aimed at curbing inflation, promising 'emergency price relief' through measures targeting housing, healthcare, appliances, and other expenses
TRADE TARIFFS MEXICO CANADA CHINA TIKTOK DONALD TRUMP IMMIGRATION BORDER SECURITY FENTANYL ECONOMY
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump says he's thinking of imposing 25% tariffs on Canada and Mexico in FebruaryThe remarks were made to members of the press as the newly minted chief executive offered a slew of executive orders.
Read more »
Trump Threatens Tariffs on Canada, Mexico, and Plans to Rename Gulf of MexicoPresident-elect Donald Trump announced plans for 'very serious tariffs' against Canada and Mexico, citing illegal immigration and drug trafficking. He also declared his intention to rename the Gulf of Mexico to the 'Gulf of America'.
Read more »
Trump Threatens Tariffs on Canada, Mexico to Curb Drug Trafficking and ImmigrationPresident Trump announced plans to impose 25% tariffs on goods from Canada and Mexico to combat drug trafficking and illegal immigration. He also threatened 10% tariffs on Chinese goods unless fentanyl smuggling is addressed. While proponents argue these tariffs will boost domestic energy and natural resources, experts warn of potential impacts on specific energy industries and gasoline prices due to U.S. reliance on imports from these countries. The potential for retaliatory measures from Canada and the broader implications for various supply chains, particularly those reliant on Chinese materials, are also being debated.
Read more »
Trump Vows to Rename Gulf of Mexico, Teases Canada MergerPresident-elect Donald Trump announced his intention to rename the Gulf of Mexico to the “Gulf of America” during a press conference. He also suggested merging Canada with the U.S. and expanding U.S. territory into Greenland and the Panama Canal.
Read more »
Joe Rogan Says US Should 'Let Mexico In Too' After Trump's Canada State IdeaJoe Rogan, a popular podcaster, has suggested the United States should include Mexico as a state alongside Canada, following a post by President-elect Donald Trump proposing Canada as the 51st state.
Read more »
Trump to Impose Tariffs on Mexico and Canada to Curb Illegal Immigration and Fentanyl FlowPresident-elect Trump's announcement of tariffs on Mexico and Canada aims to address illegal immigration and fentanyl trafficking. The move is expected to impact trade and currency markets.
Read more »