US President Donald Trump has announced plans to impose sweeping tariffs on various goods, including oil, pharmaceuticals, semiconductor chips, steel, aluminum, and imports from the European Union. The tariffs are expected to be implemented starting Saturday for Canadian crude oil imports, with a 10% rate applied to these goods. Additional tariffs of 25% will be imposed on other Canadian goods.
Trump’s move comes a day before his administration is set to enact tariffs on goods from Canada, Mexico, and China. The president claims that the tariffs will lead to long-term benefits for US manufacturing, despite acknowledging potential short-term disruptions to consumers.
The stock market fell on Friday after news of the impending tariffs was made public. Experts warn that increased tariffs could lead to higher prices for American consumers, particularly for goods traded with Mexico and Canada. Trump has signaled that other tariffs will be imposed in the coming weeks, although no specific dates have been given.
Source: https://thehill.com/homenews/administration/5119696-trump-tariffs-oil-semiconductors