US President Donald Trump announced on Thursday that he would start imposing tariffs on goods from Canada and Mexico starting on March 4, as well as doubling the country’s current 10 % tax on Chinese products.
In a Truth Social article, Trump linked the shift to efforts to curb illicit drug trafficking, especially fentanyl, into the US” We never let this scourge to continue to harm the USA”, he wrote, confirming that the tariffs may take effect as scheduled. China will also be subject to an additional 10 % tax at that time.
Concerns about possible economic collapse have already been raised by the news, which includes concerns about rising consumer prices and problems in the auto industry. Canada and Mexico are the US’s largest buying partners, and further transfer taxes could increase inflation, a vital issue Trump has promised to handle.
Trump also reiterated his intention to impose large “reciprocal taxes” on April 2 in an effort to impose duties on American exports on a global scale. He has signaled that Western imports may face a 25 % price, with individual levies on trucks, computer chips, and medicine.
The proposed tariffs represent a major change in US trade policy, which has the ability to have an impact on both regional economic growth and international markets.
