On Thursday, President Trump reportedly announced that he will carry out his promise to put 25% tariffs on Canadian and Mexican imports on Saturday.
“We’ll be announcing the tariffs on Canada and Mexico for a number of reasons,” Trump told reporters.
“I’ll be putting the tariff of 25 percent on Canada and Mexico, and we will really have to do that because we have very big deficits with those countries. Those tariffs may or may not rise with time.” he added.
Trump went on to say he will make a decision on Thursday night on whether to add oil to the list of goods that would be tariffed.
“We may or may not. We’re going to make that determination, probably tonight, on oil. Because they send us oil, we’ll see. It depends on what the price is. If the oil is properly priced, if they treat us properly, which they don’t,” Trump continued.
“Look, Mexico and Canada have never been good to us on trade. They’ve treated us very unfairly on trade, and we will be able to make that up very quickly because we don’t need the products that they have.” he added.
Trump first threatened to impose a 25 percent tariff on all imports from Mexico, the United States’ top trading partner, in the closing days of the 2024 campaign.
The action would fulfill that threat unless the Mexican government stopped the flow of migrants at the southern border.
Later on, he added China and Canada to that danger.
Two of the United States’ biggest trading partners are Mexico and Canada. Analysts have cautioned that tariffs may raise the cost of some items for American consumers in the short term.
However, experts have also stated that a lengthy trade war would probably have a greater long-term negative impact on the economies of Canada and Mexico than on the United States.
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