Business, Freight News

Tariffs Would Hit Canada, Mexico Day 1

[ December 3, 2024   //   Gary G Burrows ]

President-elect Donald Trump said one of his first executive order when he takes office Jan. 20 will charge neighbors Mexico and Canada 25 percent tariffs on all products coming into the United States.
Separately, Trump said he would also impose a 10 percent tariff on all goods originating from China – essentially covering the largest U.S. trade partners.
Meanwhile, officials from Mexico, Canada and China have threatened to respond with sweeping tariffs of their own.
Trump said Nov. 25 in a post on Truth Social, his owned social media site, that the action is in response to “thousands of people pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before.
“Right now, a Caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border,” Trump’s Truth Social post continued.
Separately, Trump said the 10 percent China tariff was due to its role in the drug trade, particularly with fentanyl. He claimed he had previously discussed the matter with Chinese representatives, who reportedly promised the “maximum penalty” of death for drug dealers, but “no substantial action was taken,” according to multiple reports.
Canada Prime Minister Justin Trudeau reportedly spoke to Trump hours after Trump’s post, and he would meet with Canada’s provincial leaders on Wednesday to discuss a response, according to Associated Press.
“No one wins a trade war or a tariff war,” said a spokesperson for China’s embassy in Washington DC told the BBC.
Mexico President Sheinbaum told reporters Tuesday that neither threats nor tariffs would solve the migration and drug problems plaguing the U.S.
She said Mexico had taken steps to keep caravans from reaching the border and threatened retaliation by imposing tariffs on U.S. imports.
“Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem,” Trump’s post said. “We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”
During his campaign, Trump said he would impose import taxes of 10 percent to 20 percent on all foreign goods, with tariffs up to 60 percent on Chinese goods.

Tags: Donald Trump