US President Donald Trump has announced plans to impose a 25% tariff on imports from Canada and Mexico, starting February 1. The move aims to address concerns about undocumented migrants, fentanyl, and trade deficits with its neighbors.
The tariffs are intended to curb the flow of illicit substances and reduce trade imbalances. However, experts warn that the impact could be far-reaching, affecting not only businesses but also consumers, who may face increased prices for everyday goods like petrol and groceries.
Canada and Mexico have vowed to retaliate with measures of their own, while assuring the US that they are taking steps to address border security concerns. The move is part of a broader strategy to challenge China’s economic influence, with Trump hinting at further tariffs on Chinese-made products in the future.
The decision follows earlier threats by Trump to impose tariffs on Chinese imports, which were delayed on his first day back in the White House. Economists note that China’s US goods imports have flattened since 2018, possibly due to escalating tariffs imposed during Trump’s presidency.
Source: https://www.bbc.com/news/articles/ckg0m79gm10o