President Donald Trump commences his presidency with a flurry of executive orders and trade threats, targeting key economic partners like China, Mexico, and Canada. Trump's 'American First' agenda aims to protect US interests by imposing tariffs on goods from these nations.
On his first day in office, President Donald Trump signed a multitude of executive orders and issued threats of 25% tariffs against Canada and Mexico , potentially taking effect as early as next month. While China received a reprieve on day one, the respite proved short-lived. On Tuesday, his second day in office, Trump declared his intention to impose tariffs on China the following month.
'We're talking about a tariff of 10% on China, based on the fact that they're sending fentanyl to Mexico and Canada,' Trump stated during a press conference. 'Probably February 1 is the date we're looking at,' he added. Trump had previously threatened 60% tariffs on Chinese goods during his presidential campaign.China responded by advocating for enhanced dialogue and cooperation for mutual benefit. 'Keeping business ties sound and stable serves the fundamental interests of both countries and both peoples, it is also conducive to global economic growth,' stated Guo Jiakun, China's Foreign Ministry spokesperson, at a scheduled press conference on Tuesday. Chinese stock markets reacted negatively to Trump's pronouncements on Wednesday, ending several consecutive days of growth. The CSI300 Index closed 0.9% lower, while Hong Kong's Hang Seng Index dropped 1.6%. Trump's persistent tariff threats align with his 'American First' trade agenda, which he detailed in a presidential memo on Monday. The memo instructed the US Trade Representative to evaluate China's adherence to a trade agreement signed by both nations in early 2020 and propose actions, including tariffs, as deemed necessary.Economists from Nomura, in a note released on Tuesday, pointed out that China had failed to meet the import requirements stipulated in the trade deal. They expressed concern that this development would provide the Trump administration with justification to impose additional stringent tariffs or trade demands on China to compel compliance with the original agreement. On Tuesday, Trump also directed his attention towards the European Union, stating, 'We have a $350 billion deficit with the European Union. They treat us very very badly, so they're going to be in for tariffs.
Donald Trump Tariffs China Mexico Canada Trade War American First
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