President Donald Trump announced plans to impose 25% tariffs on Mexico and Canada starting February 1st, a move that could significantly impact North American trade and potentially raise prices for American consumers. This action, considered an unprecedented shift in trade policy, follows Trump's campaign promises of implementing broad tariffs on both allies and adversaries. While the President signed an executive action outlining his trade policy, details on the implementation of these tariffs remain unclear, and discussions continue within his economic team.
President Donald Trump said in an Oval Office signing ceremony Monday evening that his administration will impose 25% tariffs on Mexico and Canada on February 1, an extraordinary change in North American trade policy that could raise prices for American consumers. Mexico and Canada are two of America’s top three trade partners.
Although administration officials continue to debate how to make good on his pledges, Trump in his inaugural address made clear he still plans to make significant changes on tariff policy — in one form or another. “I will immediately begin the overhaul of our trade system to protect American workers and families,” Trump said in his speech in the US Capitol Rotunda Monday. “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.
TARIFFS TRUMP MEXICO CANADA TRADE POLICY USMCA
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