US President Donald Trump has confirmed plans to impose a 25% tariff on imports from Canada and Mexico starting February 1. The move is driven by concerns over the flow of fentanyl and large trade deficits between the US and its two North American neighbors.
The tariffs are expected to significantly impact the auto and energy sectors in both countries, as well as global supply lines. Trump’s decision marks a significant escalation in tensions with Canada and Mexico, which have been critical allies of the US in recent years.
In addition to the tariffs on Canada and Mexico, Trump has also indicated that he is still weighing the imposition of 10% tariffs on imports from China. The impact of these tariffs will be closely watched by global markets and trade experts.
Source: https://www.bloomberg.com/news/articles/2025-01-30/trump-says-he-ll-hit-canada-mexico-with-25-tariffs-on-saturday