Trump Imposes Tariffs on Mexico, Canada, and China, Citing Fentanyl and Trade Deficits

Trump Imposes Tariffs on Mexico, Canada, and China

President Donald Trump will impose tariffs on imports from Mexico, Canada, and China into the US starting February 1st. The White House press secretary, Karoline Leavitt, stated that the tariffs are a response to the "illegal fentanyl" that these countries have allowed to be distributed into the US.

Mexico and Canada will face tariffs of 25% on goods, while China will face a 10% tariff. Leavitt emphasized that these tariffs are a fulfillment of Trump's promises.

Trump has previously stated that the tariffs are aimed at addressing the number of illegal immigrants crossing the border into the US and trade deficits with neighboring countries. He also mentioned the possibility of imposing tariffs on oil imports.

Canada and Mexico have threatened to impose their own tariffs in retaliation. Prime Minister Justin Trudeau stated that Canada would immediately respond with countermeasures if the US moves forward with the tariffs.

Economists and business executives have warned that the tariffs could lead to major price increases for consumers and businesses on both sides of the border. They argue that tariffs will tax American consumers first and foremost, leading to higher costs for goods and services.

Canada has prepared a list of targets for immediate tariff retaliation, including duties on orange juice from Florida, Trump's adopted home state. They also have a broader list of targets that could reach $166 billion worth of US imports, but would hold public consultations before acting.