
Tariffs Issued Against Canada, Mexico, China
Over the weekend, President Donald Trump kept his promise to slap 25% tariffs against, Canada and Mexico, as well as an additional 10% against China. Those tariffs became official Saturday, after the President signed an Executive Order Friday afternoon. The president said those tariffs will create a temporary short-term disruption to consumers, adding another round of tariffs will be placed on imports of oil.
“I’m probably going to reduce the tariff a little bit on that. We think we're going to bring it down to 10% on the oil. So, it's 25% going on the on the Canada side. [Reporter question] Mr. President, are these tariffs stacking on top of already existing tariffs? Yes, on top of whatever may be existing.”
Trump said these tariffs are not negotiating tools but rather being used to keep Americans safe.
“In one case they're sending massive amounts of fentanyl, killing hundreds of thousands of people a year with the fentanyl. And in the other two cases, they're making it possible for this poison to get in."
Trump added steel and microchips are also included in his plans for mid-February. In response, Canada's Prime Minister announced 25% tariffs on American goods. Prime Minister Justin Trudeau said Canada will tax tens of billions of dollars worth of American imports.
“Like the American tariffs, our response will also be far reaching and include everyday items such as American beer, wine, and bourbon; fruits and fruit juices, including orange juice; along with vegetables, perfume, clothing, and shoes.”
The White House said the U.S. tariffs will officially start Tuesday, while Trudeau said most of the tariffs will take effect in several weeks to give Canadian businesses time to find alternatives.
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