On Monday, US President Donald Trump reaffirmed his plan to impose 25 % tariffs on imports from Canada and Mexico will go ahead as scheduled next month (by March 4), according to the media reports.
While speaking at the White House, the US President said that tariffs would be implemented on schedule despite potential economic consequences. Trump criticised countries like Canada, Mexico and others for mistreating the US, calling it an “abuse.”
He said, “We’re on time with the tariffs, and it seems like that’s moving along very rapidly. We have been mistreated by many countries, not just Canada and Mexico and have been taken advantage of”. Trump added, “Tariffs are going forward on time and schedule”.
This announcement by the US President was made during a press conference with French President Emmanuel Macron, who is presently visiting the US. Trump’s tariffs can potentially impact both the Canadian and Mexican economies, which have strengthened border security in response.
These measures can contribute to increasing inflation and strain the economies of North America. The US president said that the tariffs are part of a ‘reciprocal trade policy’ aimed at ensuring fair treatment for the United States.
Trump said, “Tariffs will go forward. Yes, we will make up a lot of territory. All we want is reciprocal, we want reciprocity. So if someone charges us we charge them, it is very simple. It will be very good for our country. Our country will be extremely liquid and rich again”.
Meanwhile, Mexican President Claudia Sheinbaum Pardo expressed confidence about reaching a deal with the United States before the March 4 deadline. She indicated that communication with the US was going on and that Mexico could reach an agreement on key issues. Claudia also suggested the possibility of directly speaking with Trump if necessary to finalize the deal.
Trump’s Broader Tariff Plans
Initially, the 25 % tariffs on Canadian and Mexican imports were planned for February but were delayed for one month until March 4. Trump’s tariff measures focuses to address concerns over the illegal immigration and the smuggling of fentanyl into the US, alongside broader trade imbalances.
Trump has imposed a 10 % duty on all Chinese imports in addition to the tariffs, further increasing tensions in global trade. The president has also imposed tariffs on steel and aluminium imports, including exemptions for Canada and Mexico.
These tariffs include increases for hundreds of steel products, are set to take effect on March 12, a week following the border tariffs. Trump is also planning to impose reciprocal tariffs on Indian imports, following a similar approach.
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