Trump Says Canada, Mexico Tariffs Will Take Effect Next Week, China Rate to Double | Global News Avenue

Donald Trump said Thursday that tariffs on Canadian and Mexican products will take effect on March 4, while announcing the doubled tariffs on existing Chinese goods.

Trump posted on social media that since then, importers will have to pay a 25% tax on Canadian and Mexican products, and a 10% tariff on Canadian oil. On top of that, Trump said he would increase tariffs on Chinese products by 10% and increase the 10% tariff he had already imposed in early February.

Social media posts cleared some confusion over the start date of Canadian/Mexico tariffs – Trump commented at a cabinet meeting Wednesday, raising doubts about when it will take effect.

Trump said tariffs on Canada and Mexico will remain in place until fentanyl smuggling or severely restricted. The White House has announced plans to impose tariffs on broad tariffs, and believes that they will bring manufacturing work to the United States, and the revenue generated will help balance the budget.

Economists fear new tariffs Push up prices In a wide range of products, inflation may be caused and the economy slows down. Consumers’ expectations for future inflation Earlier this month The University of Michigan survey of consumers shows that it is due to concerns about tariffs.

Trump first announced a 25% tariff on Canadian and Mexican goods to take effect in early February, but the start date is delayed after both countries announced measures to strengthen security with the U.S. border

“Drugs are still pouring into our country from the heights of Mexico and Canada,” he said in the Social Media Post on Thursday. “A large portion of these drugs are made in the form of fentanyl and are provided by China.”

The president also announced that the United States will Computer chips, cars and medicinesand “mutual” tariffs on countries that impose U.S. goods and threaten to impose 25% tariffs on the EU.