In response to “unfair trade practices by the two neighboring countries,” US President Donald Trump announced on Thursday that he would start a 25 % tariff on Canada and Mexico starting Saturday. He also mentioned that the management is thinking about imposing related laws on China.
Speaking to the writers in the Oval Office of the White House, Trump asserted that,” I will be putting the price of 25 per share on Canada and, differently, 25 per cent on Mexico. We will have to do that because those nations have very large shortfalls. These taxes does go up or down over time.
” Mexico and Canada have never been nice to us on trade”, the President said, while adding that both countries have treated the US “very badly” on business.
” We will be announcing tariffs on Canada and Mexico for several reasons”, Trump stated, citing illegal immigration, drug smuggling, and major US monetary assistance to both countries through industry deficits as essential justifications for the move.
When questioned, Trump stated he would conclude Thursday night ( local time ), whether oil would be included amongst tariffed items.
” We’re going to make that determination on oil perhaps now. Because they send us fuel… Depending on the cost, yes. If the oil is correctly priced, if they treat us adequately, which they don’t”, he said.
He emphasized that the US could restore “very quickly,” claiming that it “does not have” the goods that had been imported from Mexico and Canada.
” We have all the fuel you need. We have all the plants you need, meaning the hardwood. In those two types, we have more people than almost anyone else. In fuel, we have more than anybody”, the 47th chairman of the US said.
” We don’t need anybody’s plants, we have great lumber in this region. We have to open them up economically, which I can accomplish really quickly”, he added.
” We don’t have what they have. For us to be subsidising Canada to the tune of$ 175 billion a year, and subsidising Mexico to the tune of$ 250 billion-$ 300 billion a year”, he further continued.
Regarding China, Trump mentioned the possibility of taking legal action against it because of its involvement in US methadone imports.
” Because of that, they’re causing us hundreds of thousands of deaths. China will ending up having to pay a price as well. That is being worked out right now. We’ll make that determination of what it’s going to be”, he said.
Trump continued,” China needs to stop bringing fentanyl into our nation and killing our people.” According to the US Drug Enforcement Administration ( DEA ), fentanyl continues to pose the highest level of drug threat in the nation.
