Trump plans to impose tariffs on Mexico and Canada from March 4
The US president said China ‘will likewise be charged an additional 10% tariff on that date’.
US President Donald Trump has said he plans to impose tariffs on Canada and Mexico starting next Tuesday, in addition to doubling the 10% universal tariff charged on imports from China.
Posting on Truth Social, Mr Trump said that illicit drugs such as fentanyl are being smuggled into the United States at “unacceptable levels” and that import taxes would force other countries to crack down on the trafficking.
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed Tariffs scheduled to go into effect on March fourth will, indeed, go into effect, as scheduled,” Mr Trump wrote.
“China will likewise be charged an additional 10% Tariff on that date.”
The prospect of escalating tariffs has already thrown the global economy into turmoil — with consumers expressing fears about inflation worsening and the car sector possibly suffering if America’s two largest trading partners in Canada and Mexico are hit with taxes.
The potential for higher prices and slower growth could create a political backlash for Mr Trump, who promised voters in last year’s presidential election that he could quickly lower the inflation rate, which jumped during president Joe Biden’s term.
But Mr Trump also campaigned on imposing broad tariffs, which he plans to launch on April 2 by resetting tariffs to match the taxes that he determines are charged by other countries on American goods.
“The April Second Reciprocal Tariff date will remain in full force and effect,” Mr Trump said as part of his social media post.
Mr Trump indicated on Wednesday that European countries would face a 25% tariff.
He also wants separate tariffs on cars, computer chips and pharmaceutical drugs that would be levied in addition to the reciprocal tariffs.
