President Trump plans to impose new tariffs on Canada and Mexico starting March 4, along with doubling the existing tariffs on China. He cites illicit drug smuggling as a primary reason for these measures. Concerns about inflation and economic impact have emerged, as the president prepares further tariff actions set to begin on April 2.
President Donald Trump has announced his intention to impose tariffs on Canada and Mexico beginning on March 4. This decision includes a doubling of the existing 10% tariffs on imports from China. In a post on Truth Social, Trump highlighted that illicit drugs, particularly fentanyl, are being smuggled into the United States at unacceptable levels, prompting these tariff measures. He stated that these tariffs would only be lifted once the drug trafficking problem is significantly addressed.
Trump’s announcement of escalating tariffs has led to concerns regarding the potential impact on the global economy, with consumers worrying about inflation and the auto industry facing risks due to increased taxes on goods from its two largest trading partners. The anticipated higher prices resulting from these tariffs could provoke political backlash against the president, who previously pledged to lower inflation rates, which have risen under President Biden’s administration.
In addition to the upcoming tariffs, Trump expressed intentions to impose reciprocal tariffs based on foreign countries’ taxation of American goods, starting April 2. The president also mentioned that European countries may face a 25% tariff, along with separate taxes on specific sectors such as automobiles, computer chips, and pharmaceuticals.
In summary, President Donald Trump plans to implement new tariffs on Canada and Mexico on March 4, while also doubling existing tariffs on China. This move is aimed at addressing illicit drug smuggling but poses risks of inflation and political consequences. The president remains committed to a broader tariff strategy that includes reciprocal tariffs and higher rates for specific industries.
Original Source: abcnews.go.com
