US President Donald Trump has set a deadline to impose sweeping tariffs on three major trading partners – Canada, Mexico, and China. The move is expected to have significant economic implications for the global economy.
Trump announced plans to introduce 25% tariffs on Canadian and Mexican goods unless they take action to stop migrants crossing the US border and reduce fentanyl shipments. He also mentioned a potential 10% duty on Chinese imports over fentanyl concerns.
Canada has denied any complicity in fentanyl trafficking, while Mexico claims that only a small percentage of undocumented migrants come through its northern border. Experts warn that tariffs could lead to recession in Canada and Mexico if they retaliate.
The impact of tariffs will be felt across various industries, including machinery and consumer goods. Canadian officials have promised pandemic-level financial support to workers and businesses if US tariffs are imposed. Mexico has expressed confidence in avoiding the levy.
The US-China trade relationship remains uncertain, with Trump considering fresh tariffs on Chinese goods. Beijing has vowed to defend its national interests, while Trump aims to secure a “grand bargain” before his term ends.
Source: https://www.france24.com/en/live-news/20250131-world-awaits-trump-tariff-deadline-on-canada-mexico-and-china