Trump states approaching 25% tariffs on Canada and Mexico
U.S. President Donald Trump said on Thursday that he will soon enforce 25% tariffs on Canada and Mexico.
“I’ll be placing a 25% tariff on Canada and a separate 25% on Mexico. We have major trade shortfalls with both countries, so this is something we really have to do,” Trump told reporters at the White House.
The tariffs are set to take effect on February 1.
“These tariffs may or may not increase over time. Oil is not a factor in this decision—as far as I’m alarmed, it has nothing to do with it,” he added.
When asked about the possibility of tariffs on Mexican and Canadian oil imports, Trump said he would likely make a decision by the end of the day.
“We may or may not impose them. That determination will probably be made tonight, subject on the price of oil,” he stated.
Trump had before guaranteed that one of his first policymaking orders would be to impose 25% tariffs on all goods from Mexico and Canada while also addressing “open borders.” He asserted the tariffs would remain in place until issues such as fentanyl trafficking and illegal immigration were resolved.
