Fri, 31 Jan 2025

Canada and Mexico face 25% tariffs on Saturday, Trump says

The president also suggested he still plans to impose new tariffs on China but did not give any details.

* US President Donald Trump says he will impose 25% tariffs on imports from Canada and Mexico starting February 1
* The move is intended to address undocumented migrants, fentanyl, and trade deficits with neighboring countries
* Trump also threatens new tariffs on China, which could be up to 60%, citing fentanyl shipments into the US as a major concern
* Economists have pointed out that previous tariffs on Chinese goods have led to a decline in imports from China since 2018
* Canada and Mexico have vowed to respond with their own measures if US tariffs are imposed
* The move could lead to increased prices for businesses and consumers, particularly if oil from Canada is subject to tariffs
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